i dont shave ALL of it, (i leave a bit on top) but personally speaking- i LOVE the increased sensitivity, having the labia majora cleanshaven makes it so i can FEEL more and it thus turns me on more =]
having it ALL off can be a bit odd, but i don't think it's "completely" unnattractive- it depends on the person i guess, not every haircut looks good on every person so to speak!
so in the end, like it or don't, i'm doing it for myself!
(is this something that really pisses you off? or did you mean to post in the general questions?)