I love the feel of pantyhose on shaved legs and yes they do help to even out the minor flaws we all have. My wife wears them maybe once or twice a year for a special occasion.
I suspect the bare legged look really became popular after the TV show Sex and the City, but in all honesty how many GG's over 30 still have the stunning legs of their youth. A nice pair of hose can really give a polished look to most outfits.