As for his future sex life - I don't really think about the impact on that - I don't think it can be predicted.
I actually think this is a legitimate consideration, and considering the number and concentration of nerve endings in this particular piece of anatomy, I gotta figure it has an impact. I wouldn't know, myself. Very few people would, and they would be biased. That and the fact that the vast majority of the world's men seem to get along just fine with it... and as far as being "different" in the locker room...they say its 50/50 these days, so that should be a factor, either.
I just couldnt' come up with a compelling reason to do it.