Just did mine for first time ever (bored with wife away for weekend at parents, and had just read 'the rules'). Feels odd, but nice, a little self conscious out and about, even at cycle shop.
But I think I'll stick at it. The irony is, the two times it would have been useful this year, they were hairy as! I had some physio tape to try to address a problem earlier in the year. No idea if it did any good, probably not, since it was only stuck to the hair, half a centimeter above my skin! Also had an off and some road rash recently. So at least now I'm prepared for if and when it would be useful (if ever). Because the thing is, you never know when it may be.
Bottom line is there's pretty much no 'good' reason for it. But it's tradition, and feels like a bit of a rite of passage. If anybody objects, well stuff them, they're probably the people who get annoyed at having to adjust their speed or wait a few seconds before passing, so not really bothered if they are further offended by my grooming choices.
Anybody who thinks it's 'poofy' or something... well let's see them survive a stage of 'Le Tour' or even just a sportive. Most non cyclists don't know what pain is. Can you imagine a footballer getting up and carrying on after a crash at 50 mph! They're writhing in agony if they get a tap on the shin! Oh, and most of them shave their legs (and chests etc) anyway.
eta - Oh, and the wife seems to like it too, so bonus! ;-)