Not included in that definition, but one that tops my list of Fredness:
worrying about what other cyclists will think about you.
To get back to the question of baggy vs tight shorts... When I returned to the road after doing the mtb thing, and then not riding at all before that, I first started with my baggy mtb shorts. A. because I had them. B. The idea of going out in public in skin tight pants was a bit much.
Some months later, I was headed out for a ride, but couldn't find anything but the lycra cycling shorts I had bought for my wife. (she looks good in them) Definite improvement. No binding, no flapping cloth, a lot more comfortable. To hell with what anyone else thinks, I'm switching over.
Even later, we went out on a group ride, and my wife got steamed up that another one of the ladies was 'staring at me' in a way she didn't appreciate.
That did it. I'm sold on lycra.