I've been shaving my legs for years....of course, I'm a cyclist. We do that kinda stuff.
The big question you're all dying to ask...WHY DO YOU DO THAT FAUSTO? ARE YOU CYCLISTS A BUNCH I OF DEVIANT BUTT-PIRATES OR SOMETHING?
The answer: No. There are good reasons for shaving.
1. Easier to clean up road rash without all that hair in the wound and sticking to the bandages and such. Believe me, I have lots of experience with this (crashed a lot back when I raced

)
2. Easier to get a nice massage after a race without all the hair. This of course mostly applies to those of us with wives or g/f's we can talk into doing this. Really help with recovery and muscle soreness the next day.
3. It looks good. You spend all that time on the bike developing your gams...ya wanna show them off, right? No hair = good muscle definition.
4. It gets gopunk excited.
To sum up. Shave 'em if you want to. If you don't like it, it'll grow back just like it was (the myths about it growing back thicker are just that).
Fausto
EDIT: RE: what Skoorb said: Contrary to popular belief, cyclists don't shave for wind resistance reasons (it makes negligable difference) it's mostly the #1 reason I listed. We hit the deck pretty often while racing and cleaning up a square foot of roadrash with all that hair in the way is a nightmare. Same reason a doc will shave an area if he's stitching you up.