Everything is more visible, which I like. It just seems cleaner to me, and it's much more fun to go down on someone who's free of hair.
I was married to a young woman (12 years my junior) for a number of years & my senior status gave me a lot of control over her actions & attitudes.
One day I had the extreme pleasure of shaving her sex, then making love to her with both of us being very excited. After that she kept herself shaved for me without my having to ask her.
Besides adding a certain pre-pubescent quality of youthfulness, it made oral & vaginal sex with her very exciting & rewarding.
I can think of a number of scenarios where genital shaving could be incorporated into S&M activities.