Article in cycling active about this and they summed it up as..
Easier to massage as who`s legs would not hurt after riding 100 + miles at supersonic speeds
Road rash is a tough one as the new follicles still grow through although it easier to clean a wound without hair in the way , as skin is shredded off when you slide off i doubt having no hair will make much difference in the severity of the wound.
Vanity
The funny bit was at the end when the auther of the article describes how his visiting sister walked into the bathroom whilst he was butt naked trying to shave his legs " gimme road rash anyday " was the parting shot
