As a hardcore road cyclist (1000's of miles annually)/amateur bike racer, and connoisseur of the male anatomy, I'm going to say that cycling attire is probably the least flattering of all athletic attire to a guy's body. I wouldn't wear anything else of course but there is nothing sexy about spandex. It is simply not a flattering getup. Strictly functional.
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Spandex grotesquely accentuates the cock and sort of flattens out the asscrack, almost making the crack dissapear. And of course if you have anything other than a tight muscular bod, you look ridiculous. What with even a little bit a body fat squeezed and popping out.
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I always ride with a long tshirt hanging out for the above reasons. Unless I'm with a group of other riders - you become desensitized to how silly you look when riding with others...heyheyhey.