First I use barbless hooks, they come out of the fish and me easier. The through the gill method works and there is a gadget called a Barbit. It follows the line into the fish and has a cutter to cut the barb off and a magnet to catch the pieces. As I recall its something like $16.
As mullman said there was a study several years ago that concluded that fish don't feel pain. This was a university study and as well as I can recall it was at the University of Tennessee but that is a pure guess. A few years ago PETA commissioned a study that concluded they do feel pain but then you have to look at who sponsered the study and paid for the desired results.
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