I have a massively hairy chest and until about 4 years ago just kept it as it was.
I then tried shaving it down with some clippers. Not completely off but enough that its tidy and now all the women i've been with love it.
After getting a lot of girls opinions on what women like it to be like, i have found that they either like it to be completely bare or all over and tidy so keep on top of it. They don't seem to like random patches either, e.g a few nipple hairs and a few on the chest.
As for the back..it's best to get rid of it all.

I tried the hair removal on my balls as well after a mate recommended it. Thought i'd put it on whilst i cleaned my teeth and have a shave....15 minutes later!!! My balls were burning for 3 days!! Be warned, lol!