(FORTUNE Magazine) – You probably knew that Hugh Hefner was dating twentysomething twin models (Sandy and Mandy), a Baywatch Hawaii actress (Brande), and a young woman whose name doesn't rhyme (Jessica). You knew--or could have guessed--that he was mad for Viagra. But did you know that Hefner and Playboy were good for the American psyche? It's true, says Hef, who chatted with us over the phone one recent afternoon. We talked about changes in America, his influence, and protests in Chicago, where officials recently dedicated a street--Hugh Hefner Way--to the 74-year-old Playboy editor-in-chief.

Q: This whole casual-dress phenomenon has swept America. Obviously your pajama look was way ahead of its time.

A: I must confess that it has the virtue of being very comfortable. I only put on pants when it's absolutely necessary.

Q: What about when you rang the bell at the New York Stock Exchange?

A: I was wearing pants then.

Q: Do you feel you had any role in creating this casual-dress trend?

A: Well, I know that I've been credited with some of the dramatic changes that have taken place in the social-sexual climate. Whether I've influenced any fashion trends, other than women's skirts, I'm not sure.

Q: I'll tell you, no matter how good my 401(k) looks, I get the feeling that my retirement isn't going to be as good as yours. Any advice on how to achieve your lifestyle when I'm 74?

A: Plan ahead. I think that what my life helps to support is the recognition that there are many roads to Mecca. When I was growing up, there was really only one road map, and it had to do with marriage and children. And that's perfectly legitimate, but there are many others. Life is so short that I think one should try to make the most of that.

Q: Speaking of, April 15 just passed. I know your dad was a CPA. Do you ever wish you had pursued that profession?

A: Not for a minute.

Q: You're a big proponent of Viagra?

A: Oh, yes, absolutely.

Q: Have you had talks with Pfizer about a spokesperson role?

A: Dole took care of that part. I'm out there as usual on my own. He's expressing the company view that it's a great impotence drug. I'm suggesting that it's a good deal more than that.

Q: What do you think of the whole controversy over Hugh Hefner Way?

A: It's a reflection of who we are as Americans and why Playboy and my life have always been controversial and always been a Rorschach test under which people explore their own fantasies and prejudices. Sex is rooted in one's own prior prejudices, dreams, whatever they may be. That is, of course, the reason not only for the controversy but for why I'm so hugely popular and successful.

Q: Oh. Do you ever plan to live on Hugh Hefner Way?

A: No, but I do plan on living the Hugh Hefner way until the day I die.