I know someone who got all their top teeth pulled. She talks just like before and she can still eat quite a bit of food. As for what to expect, you'll have to talk to the dentist. Also if you are scared of something specific, you need to let the dentist know. There are a lot of ways dentists can help phobics but you have to let them know what scares you. They will help you out.
unfortunately I have only had one molar pulled and it was under general anesthesia, so I don't know what it would be like awake. Other people have had extractions while awake so they can chime in, but its tough to get a fast turnaround because not everyone can log in everyday. Good luck!