Body hair for me = gross. On me, on someone else, i just don't like to deal with it.
Speaking as a lesbian, one of the main reasons I don't care for men is the body hair issue (besides, you know, the whole penis thing). I have issues with chest hair, back hair, etc. And for girls, I don't really care very much about body hair as far as aesthetics go, but below the waist, it's usually easier if they are at the very least extremely well trimmed, if not mostly shaved. It just makes certain...erm, activities, shall we say? easier.
Which is the main reason why I shave below the waist; I don't really care to if I don't have to worry about anyone else - it's itchy and fairly sensitive. However, I do want to be considerate for the girlfriend, so...off it comes, and the itch I can just tolerate. I do usually wait four or five days in between shaves, though, just so it doesn't become too unbearable.