I don't have much leg hair, so I've never shaved and thus don't know much about it. That said, I've been told that women like it and that it makes your legs more sensitive, so it's all good bed-wise. I belong to a bike club where "Hill is not a dirty word and only men shave their legs."

It's not only for crashing, but if you're hairy, it makes a measurable difference in your drag coefficient. Try it. It'll grow back.