Police see a driver or cyclist with earphones in both ears, they write a ticket. That's how it works, and rightly so. Distracted drivers and cyclists who can't be bothered to be aware of their surroundings are a menace. There's a reason why USA Cycling prohibits the use of listening or audio playback devices during races nationwide.

I find there is a distinct advantage to being able to hear when things are going wrong with the bike. If I puncture, I want to be able to hear it happen and react immediately. Same goes for listening to tell-tale drive train problems, spoke problems, or bearing problems. If I pick up a goathead thorn, I often have a few wheel rotations hearing the "tic-tic-tic-tic" sound before the thorn punctures the tube. If I have Napalm Death blasting in both ears, the first sign of trouble is likely to be the sensation of riding a flat tire on the rim.

When I'm riding a bike, I enjoy the entire experience. That includes hearing the reassuring sounds of a bike on which all components are functioning properly. Being able to hear clearly with no masking sounds is key to a complete experience on the bike.