I prefer to shave everything off on the underside. However, I trim the hair on top and shave the sides. I personally don't like the way I look when it is all shaved off.
My son barges in on me while I am dressing. He is five, and it doesn't phase him. I don't wish to make nudity taboo to my child. However, I don't think that I'll feel comfortable with him viewing me nude for much longer.