Welcome to bike forums Genghis Kant . This is an 6 year old thread and many of the posters may not be still members. We suggest that you start a new thread on subject matters that interest you versus post to an old zombie thread.

To answer your question, Specialized did tests in their wind tunnel and found that shaving legs made a significant different in power saved. If you want to watch the video search Specialized Wintunnel shaved.

Here is an excerpt from Velonews…The tests showed that shaving the test subject’s legs reduced drag by about seven percent, saving 15 watts at the same speed. In theory, that translates to a 79-second advantage over a 40-kilometer time trial.

Riders work one or two seasons of training to improve the 40K time trial by 79 seconds. 79 seconds is a significant improvement.