I had to go on some errands prior to a ride over the weekend, and I wore a t-shirt and jeans over my bibs just to nip any potential comments in the bud. Still a little nervous about wearing cycling clothing out in public- it's one thing to see bikers out on a bike with the kit on, but going into a shop of some kind with them on might be a little questionable (unless it was a bike shop).
That said, I went into a little store out in the country at the end of my ride to buy some gatorade, and the little old lady who ran the store checked out my gear and said, "Nice day for a ride, huh?" At least the town I live in has enough cyclists so that the locals are used to seeing us...
Now if only my friends were as enthusiastic as I am to talk about cadence, average heart rate, century training, etc. etc.