It does look a lot better in lycra, that's for sure. Or let me put it another way, hairy pipecleaner legs sticking out of cycling shorts look ridiculous. Ripped, oiled up, smoothy smooth legs look like they belong in those shorts.

Women? Wifey-girl likes it the day I shaved them, then gets grumpy when the stubble comes through all scratchy. And they do look hot!

Me? The way they feel just after I shave them is nice, almost peversely so. Wearing a silk dressing gown feels SO GOOD! Also it's part of the ritual, the night before a race, like a nice bath and plenty of carbs in your dinner.

Fitting in? Definitely, it's the mark of a racing cyclist. You wouldn't go to a business meeting wearing jeans and a T shirt. You wouldn't go swimming in a pool wearing your Y fronts. Nor should you turn up at a race with hairy pins. People will think it's your first race, and get nervous of riding near you.

Wounds? Yes, if you have thick hair on your legs, the tape doesn't stick so well, but it yoinks the hairs out something horrible afterwards.

Massage? Much better without hair.

Embrocation? Not so much about ease of washing it off (I make my own and it all soaks in in a couple of hours) but it feels nicer rubbing it in. Plus my legs look glossy and intimidating afterwards, instead of greasy-hairy.

Aerodynamic benefit? You must be kidding. Maybe when I've got an aero frame, seatpost, wheels, tri bar and helmet, and am in a TT where they count fractions of a second, and I'm against someone who can do the same course in the same time as me, maybe then it would make a difference. But the question is purely academic, because at that level, you shave your legs.