The process of shaving will cut off the hair at (or just below) the skin line. Waxing however, removes the entire hair right down to the hair follicle, which lies well below the skin line.
With repeated waxing, the hair follicle will eventually become distorted, which will retard hair regrowth. In fact the hair becomes more sparse, softer, and therefore much easier to remove so overall waxing will give the best long-term results. But it takes patience and time for this to happen and if you get impatient and shave inbetween waxing, you're back to square one.
The problem with waxing is having to accept a bit of regrowth to show. On most men, the first time you wax, you’ll find hair will begin to show in about 10 days after waxing. You should however let it grow for another week or two before the next waxing. This is to allow the wax to stick to the hair to better “pull” out the hair from the root. If the hair is just stubble the wax strip cannot get a good enough grip to remove the full hair follicle and instead will just break off at the skin line – which is no different the effects of shaving.
The major advantages of waxing therefore don't pay dividends back until you've had the patience to get through the first few months to allow the hair regrowth to slow down. In fact after a year of patience, significant reduction of hair regrowth will be noticed and you might extend the time between waxing to 4 or even 5 weeks.
For people who are impatient and want smooth skin every day, shaving will give you that. The main difference between waxing and shaving is how frequently you need to do it, as shaving will need to be done every over day to stay smooth but as it can be easily done in the shower in just a few minutes, this isn't really much of a issue to hold you back. When you first start, for best results it is best to shave just before bedtime rather than just before going out to allow any cuts to heal or redness to settle.
If you do choose to shave your legs rather than wax, then be aware that shaving can actually stimulate hair growth in some people and the stubble often becomes darker and more coarse. In addition, people (both men and women) who have been shaving their legs for a long time will have developed a coarser hair and if they decide to start waxing, it can often be quite painful initially. After a few repeat sessions of waxing the hair does begins to soften however, and waxing then becomes much more bearable and the other advantages of waxing can be appreciated. So you can always start by shaving and then if you like the feel and look of it, give waxing a try later on.
One final point – in recent years, waxing salons have begun using the roller waxers. This seems to be done to reduce cost and increase repeat customer visitation as the hair removal process does not seem to remove the hair follicle and hair regrowth will be quicker than if the traditional hot wax is used. So, if you can, try to find a place that will do the original hot wax removal. It may cost more intially but because you’ll get a much superior job and hair will not regrow as quickly you’ll have made up for it by the second or third visit.
Shop around for prices too - there can be a vast difference in price. To keep the cost down, you can opt for a "half" leg wax rather than a "full" leg wax. A half leg always goes over the knee anyway, so might be enough for a cyclist. You can always shave the upper part of your legs to round off the look.