I wouldn't say that it "looks good" in that it is something to aim for, however I don't think I'd really notice that much either way, so it can't possibly look all that bad, either. I do think that it makes small differences in speed if you have smooth legs, however unless you're riding in the olympics or something like that I can't imagine why it would matter enough to bother shaving your legs. It grows back too quickly anyway so you would really have to keep on top of it. Ultimately, if you want to shave your legs, just go for it. You don't have to worry about what other people think, because it is quite frankly none of their business, and you can do whatever you like when you're cycling.