After reading the last thread on this I grew a beard and shaved my legs (yes, really). Took careful note of the technique under the shower -- hot water, plenty of soap an a dual-bladed Schick razor with a lubicating strip. Clipped off the hair first with electric hair clippers.

A few observations...

Use a gentle or light touch with the razor to avoid grazing the skin.

Keep the skin lubed with soap.

I found it a bit itchy initially up around the insides of the thighs.

Really different sensation when drying off with a towel. The towel seems to stick to shaved legs, but slides effortless over hair. Same with clothes and leg-warmers.

Amazingly cool sensation when wearing trousers just after shaving.

Sunscreen is a heap easier to apply.

Bruises show up much better (I haven't fallen off a bike and suffered grazing for ages).

The ladies really seem to like shaved legs on men, especially if you have reasonably good muscle definition (no, not me, I observed this interaction some time ago within a touring group).

Winter is not the best time to shave legs for the first time!!!

R