If there's grass on the field, play ball.
I think shaving anywhere, arms, legs wherever, makes women, or in this case men, look younger and more femanin. I also think the right amount of body hair makes a man look masculine. There is always a limit though, a guy I work with shaves his neck down to below his shirt line. But every once in a while he wears a shirt with a more open colar and there is fuzz sticking out. Kinda looks goofy! heh.
Overall though, its personal preferance. Just like the hair on your head, do you grow your hair out, or do you go for the military crew cut? I think its easier to just live with what you have! heh.