My wife noticed that pretty much every employee at every bike shop we went to (Flying Fish, AJ's, University) all had their legs shaved. Finally she asked one of the guys at Flying Fish why they do it. He states that no hair means less friction with the ground when you crash...making less of a chance the hair gets caught and rips more skin off. Plus he said there is the advantage of no hair getting caught in the scabs. The wife thinks it is a metrosexual thing...smooth man legs to go with the tight shorts adorned with padding that accentuates the package.
AJ's has both saddle sore (aka crotch chaffe) and nipple lube. They both look like a jumbo stick of deoderant...so I guess you just smear it from the wedding tackle, through the forest of unmentionables, and up through the plumber's crack. Interestingly enough none of my trail riding friends wanted to go halves and share the crotch chaffe lube with me.