Even last night, while smoking my pipe at the ice house, a barmaid approached us and gave the usual thing about how the pipe reminded her of her father, how he smoked Borkhum Riff (she remembered that), how she could smell it across the floor (and it is a pretty damn big place), etc., etc.
This type of thing has happened quite a few times while I smoke in public, and the ratio of really nice looking women doing it is pretty high.
Being married, I can't hardly capitalize on the openings created by it, but my non-clinical observations indicate that the pipe is seen as masculine in a non threatening way, but still in a "make her safe" authoritarian way. It isn't the very typical cigarette way, nor the "in your face fat cigar" way. Something different and attractive.
So far, in a test group of one, I can only attest to a conservative straight pipe smoked by a ruggedly handsome male specimen. Not sure if the who churchwarden thing, Sherlock Holmes, or Tyrolean pipe would effect the same results.
So, yes, it increases both testosterone and free pheromones in the air, and strikes a harmonious chord with the female of the species.