In my younger days I did a lot of legit print and commercial ad stuff as a model. My facial bone structure always sold well in Europe and in the US it usually read "haughty or arrogant" and I never got a lot of work here. I'm a blue-eyed blonde and in one set of ads years ago (for a bathing suit mfg.) they tinted my chest and underarm and legs so the hair would show up in photos. They had to dye it the darkest coffee brown they could find, which then faded up rapidly as it was exposed to sun, sand, chlorine and showering three or four times a day while doing sweaty shoots under hot lights, etc. The hair looked weird almost black, but quickly faded in color to a more believable brown with some red in it.
Another time when the hair didn't show up enough - they bleached it almost white blonde and put a silver rinse on it to make it stand out against a dark (mostly phony done with pills and stains because I do not tan much, if at all) tan. Other times I was told to shave or wax and did. But I'd have to wax a good ten days before a shoot to allow time for the redness and marks to clear and even then sometimes needed body make-up. I once started to have laser hair removal and found it didn't work well on light hair or now grey/white hair... Now, personally, I'm glad I didn't do it.
The current "fashion" thing is that only the straight guys are still shaving/waxing/etc. The pre-pubescent look is OUT for men and looking like a real male, with hair and some pecs and shoulders is once again IN. Suits are being cut fuller and the high end manufacturers are now seeing an upsurge in the guys with 44 and larger chests, too. Interesting eh?
I will tell you that body shaving for any length of time is a pain in the ass, and if your skin is sensitive, you're sure to have ingrown hairs, or bumps, or redness and irritation of various types during the year - the specific problem varies by season and sometimes requires a lot of visits and working with a dermatologist to keep it down!
Waxing is a pain and again unless done by an expert, it's going to cause various types of skin problems for all but the most hardened of hides.
I think MOST men look better with, rather than without body hair. The one exception is a guy that is in fantastic (almost competition body building) shape - you can see the muscles more clearly without hair than with it. But either way, he's going to look good so it's just a matter of personal preference at that point.
It's interesting to note in the hiring of models for the intro of the fall/winter and spring/summer lines - the big high end fashion houses (Prada, Zegna, Vuitton, Gucci, and even Brioni) and now looking for more 'manly' types and are dropping their contracts with the youngest looking guys and/or the ones that look like they're on hard drugs and about 15 - 19 and haven't made it thru puberty yet, either!
I think the tide is definitely turning back the other way and "real" and "manly" looking guys with body hair are going to be dominating the fashion ads again and damned soon if they aren't there already. Of course it will be funny to see how long it takes the guys who now have no hair at all to suddenly grow their fur back. Watch it at the gyms. The gay guys will be looking like lumberjacks and stevedores within a few weeks. The straight guys will get there in a year or two after that. And fashion-wise, it's now okay to have a 34 or 35 inch waist again if you've got the chest to go with it. No need to lipo and do ab work til you're half dead in search of a 31 or 32 inch waist again!
The standards of what's "the in look" and what is not has been dominated by the women's fashion industry for years and the men have been hit with the back-splash of that in the print and media now for the last 15 or 20 years, too. The "straight men's mags" from Magnum to Esquire to Men's Heath area all examples. The models are all under 20 or 25 at the outside. It's about to change again.
If you like your body hair, grow it out. I'm looking at my own mix of blonde and grey from the waist up and contemplating whether I'm gonna live with it or color it. Oddly enough the pubes are still red/blonde (my long ago original hair color as I recall from some 20 plus years back!) Why the pubic area isn't going grey or something is a mystery, but it's not.
Just one thing - if you're growing a mat of thick dark chest hair that finds it's way out of your shirt collar - it is NOT improved by dangling chains or jewelry in it. Better to leave it to make a statement on its own! And if you wear a shirt and tie to work every day, trim the top chest hairs so it doesn't show when you've got your shirt buttoned and a tie on. It just looks unkept and almost dirty to see a guy who's got hair escaping from under his collar and pouring out over his the top of his necktie. Ugh! Ya can't help but wonder if he was asleep when he got dressed or did so in the dark or something??