Having been using an epilator for years, I would have to say that plucking will eliminate some of the hair. It will also make it finer as well so that it is easier to pluck or shave next time.

It's not perfect though, I still have some 20 or so chest hairs that seem to keep coming back. (I started with around 100-200 so I didn't have a lot to begin with) Same with my under arms, not much coming back there either.

I gave up trying to pluck facial hair though, that hurts too much, just use a razor on that.

I haven't done a lot of eyebrow plucking, so can't say for sure, but I believe you would get less eventually.