I am lucky in that I don't have very hairy legs, and even if I haven't shaved for months (which sometimes I don't), it's not very obvious. As it is, it's about a month since I last did them, and there are some hairs about 1cm long, but I have to look quite hard to see them, so I don't reckon anyone else would notice. (Actually, I don't shave at all - when I do bother, I use wax.)
I do wonder if I might not feel quite so blase about it and would find it harder to ignore the pressure if the hairs were darker and thicker. I don't know - I don't wear make-up, so maybe I wouldn't care. As it is, I don't have to care. And I don't do my armpits that often, because it was causing too much damage to the skin. I do smell a bit today, but I think that's more to do with having spent a hot day in a stuffy office, rather than whether they're shaved or not.
I don't tend to notice other women's legs, though I did take a look a while back when I was at the pool, following a similar conversation. Some people do, some people don't, as far as I can tell. Doesn't make any difference to their swimming ability or anything, as we are not quite at world record-breaking speeds, because swimmers at that level do remove nearly all body hair, because it can make that tiny bit of difference. Talking of which, I once worked with someone who did a lot of cycling, and he shaved his legs, so if he came off his bike, the hairs don't catch on the road. He only shaved up to the bottom of his cycling shorts, though, which rather gave the effect of looking like he was wearing hairy shorts when the cycling shorts were off... So I think if you are going to shave, it's better to go from joint to joint, rather than stop half way up a limb.
But I think all the pressure does make some people feel very self-conscious about it, and it can affect their confidence, and because of that, it is a feminist issue, whatever I may feel about it personally. And because it's not really noticeable when I don't shave, I think it would be unfair of me to tell someone else not to shave.