I like Lycra in fact it's a bit of a fetish I wear it while jogging and cycling. I feel sexy in it but how do you women see men in it.
If it's part of a sport - like cycling, running, speed skating, or compression shorts for MMA - then it's attractive.
If it's just some guy sitting around wearing shiny lycra pants for no particular reason, then maybe not so much. It definitely doesn't have the same appeal as a fashion statement for guys.
I guess the key is to keep it sporty - like athletic gear. And obviously, it helps if a guy has the right build to pull it off.