OK I've been avoiding posting on this thread because this debate just goes round and round, but it keeps popping up at the top of the forum so ...
I haven't ridden with earphones/buds for many, many years. I consider it a compromise in safety, however slight. I almost always run with my iPod, often on streets (though against traffic). I also sometimes ski with my iPod, on busy slopes where it could drown out a warning cry. Point is maybe I'm not being consistent. But still, I want to hear as much as I can when I'm road riding. I often hear a vehicle coming before I see it in my mirror, and to me that's important. Since I've never made a habit of it, I generally don't miss it. Rarely have I thought to myself on a ride that I wished I had music.