The guys from Specialized Bicycles are back again with another wind tunnel experiment. We have see them do other experiments, including leg hair and beard hair. This time the wind tunnel tests are focused on shaved arms.
In this test they use one rider with decently hairy arms. The rider is positioned on a Specialized Venge in the drops. They test both unshaved and shaved arms and compare the data over a 40km distance. Over 40km you will saved about 19 seconds in time with shaved arms!
This result seems to fall right in the middle of the other two hair related experiments. Shaved legs saved 70 seconds over 40km, and no beard shaved (heh) less than a second of time over a 40km distance. So shaved arms aren't as great of a gain as shaving your legs, but will definitely do more than shaving your beard.
Now they only thing to decide is: are you willing to put in the time and effort to actually shave your legs? Coming from experience in shaving my legs, I'm really not sure.