To me, it looks jarring to see a woman wearing something sleeveless and she hasn't shaved. That said, I still believe a woman should please herself, especially where her own body is concerned.
I shave both underarms and legs. Legs because they're one of the few real attributes I've got, and I want to make the most of them. Plus, stubble is just revolting, whether on a woman's legs or a man's face. I shave my underarms because it's generally what women do, and now I'm used to it.
I spent wayyyyy too much of my life being a chia pet. I don't have much body hair at all anymore, without testosterone, but what I've got has got to go.