Once the bike is in motion, as opposed to just sitting parked for folks to look at, I don't see any advantage to removing them. And I've never had anyone walk up when I'm stopped somewhere and tell me "Nice bike, too bad about those ugly reflectors ruining the looks". I personally think too many people have way too much of that "LOOK AT ME" fixation. Kind of like another thread around here about the newest style, tiny little tires on huge front rims so folks can make their bikes just as ugly (and unsafe) as their cars.
BTW, the side reflectors serve a very important purpose. Just as with boats, where different color running lights signify certain things, the reflectors tell you which end is the front and which end is the back. This can come in very handy when leaving the bar at 2 am, because no one likes to get on their bike backward in front of the guys.
Jerry