During my days as a teenage twinky-boy, I wasn't a big fan of the chest hair. Found it kinda repulsive, and was glad I didn't have any; but once I grew older, it kinda started to grow on me, literally.
Now, I love my chest hair. It's just right for me, gives me an edge of masculinity to combat my complete inability to grow respectable facial hair and under 6-foot stature. Furthermore, it's totally attractive on other people (their own, not mine). I'm not as much into the 'bear' look, but the 'otter' look (which is where I sit, http://en.wikipedia.org/wiki/Bear_(gay_culture)#Terminology ) totally does it for me.
At this point, the tables have turned, and I'm kinda thrown off by guys who *don't* have chest hair. It's pretty much a requirement for me to find someone attractive. Being a guy who likes guys, I'm assaulted on all sides by dudes who shave it all off religiously, and I'm not sure why. But with all the guys, gay, straight, and undecided, manscaping every last patch on their bodies, who knows why anyone does it? Not me, and if you don't do it either, then respect to you, my brothers who are comfortable in their own bodies.