How good one looks with his head shaved depends a lot of the shape of your head, your ears and nose and your facial hair.

If you have big ears, there's no way you won't benefit of a full head of hair. The more perfect or circular your head, the more shaving will suit you.

Furthermore, you can play with your beard because its rare to find a clean shaved guy that looks good without one. But if you don't grow enough facial hair or have holes in it... You're out of luck.

My conclusion is shaving will help some, but it's no golden bullet.