I ride 90% of the time as "a Lance." I do get the respect from other cyclists, though that's less important to me than earning some goodwill for the rest of us Lances.

Less serious riders and pedestrians only wave to me if I wave first. Oftentimes, they don't know what to do until I pass, as I'm apparently the only Lance who waves to them.

I do signal and ride courteously, on the MUP AND street, so maybe that earns some respect from a lot of people.

The main benefit though is that I'm more comfortable (padded shorts, breathable clothes) and it takes less effort to maintain a given speed, when clothing is not flopping around in the wind.

I have a couple long sleeved jerseys that are a size too big. One time, I wore one on a windy day, and I felt like I was riding into a headwind ALL the time. This is how it feels to me, wearing regular clothes on the bike.