Bare legs FTW. It's more daring.
As for the "ultimate" outfit that Rick mentioned, I think it's very interesting to think about how different people can be. I can honestly say that I'd rather see a long skirt with no hose and shoes, baggy pants and boots, short skirt and boots...
There's several combinations that I like. I suppose it's the difference in people who are more excited over a person wearing scant clothing, or a nude person. I'm the latter, I like bare skin. It's softer, smoother, and has a nicer sheen to it than the dullness of hose or stockings.
And then, there's another issue, brought up by the Hooters question. To me, hose can be very easily TACKY. Even beyond it, they can look slutty, since so often they're used inappropriately.
And finally, as is so true so often for me... it depends on the wearer. Some people look great with the things on. But, IMO, most do not.
YMMV