Don't shave my legs, but then I try hard not to take spills. The guys who say they shave so they'll heal their road rash faster are right on, though -- I took a nasty rollerblading spill during a blading marathon a couple of years back, took off the left side of my calf, and bandaging (mostly un-bandaging) was extremely painful because of the hair still there. Next spring, if I take more chances than this year, I'll probably take it off. (But I DO shave the wobbly bits and around there, 'cause nothing's worse than a wild hair on a long ride.)