I've worn lycra, and I've not worn lycra. I can promise you, for those who haven't ridden in Lycra, it is 10x more comfortable, but as many (if not more) times more gay. As Tris said, I wouldn't wear it down to the coffee shop on a social ride, but if I was going out for a ride for 'fitness' or 'training' then I would probably wear it.

I have a rule. If I am riding over 30km, then lycra shorts at least (under boardies if I am meeting up somewhere afterwards) anything under 30km is no padding, no lycra, no homo!