Originally Posted by
Mort Canard
Think wind resistance. Brought to you by the same folks who gave us aerodynamic seat posts.

A second and to me more compelling reason is that it is easier to clean up road rash on hairless legs. There is a reason why surgeons shave you before they cut you open.
Think of "fraternity membership" - being a member of that sacred club of elite cyclists. Similar to hazing but not quite as bad. Showing the world that you are a "real" cyclist.
Seriously - how many of us actually have road rash where the shaving of the legs really makes a difference?