The only hair on a lady that bothers me is hair that gets in my face during, ah, certain romantic activities. That, I prefer shaved. Women with mustaches do squick me a little, but not enough for me to ever say anything to anyone. Other than that, I couldn't care less - arms, legs, armpits, these can all be sprouting hair long enough to braid for all I care. My theory is, I don't shave my legs, so I don't see why a girl would either.
That as it may be, if a girl with a stake in my appearance asked me to shave something that wasn't my head, I'd have no problem doing it.
As far as guys, I think some guys look 'cooler' with more hair - usually huskier types of guys, guys who couldn't pull off either a nerdy or a metrosexual look.