2010: I did this in Krabi. There are many of these fish spas in Thailand, and even in Malaysia, but I always found it scary because I really didn't like being tickled on my feet. And I don't like to touch live fish, or have live fish touch me.
Those tiny little creatures will come and nibble on your dead skin and callouses, and between your toes, there is no need to use pumice stone anymore. But it's probably not very hygienic as there would surely be dead skin of hundreds of people before you, floating around in the water.
It was not painful, as apparently those fish didn't have any teeth. But it was just very ticklish, it took all of my self-restraint not to scream and run out of there.