Personally, I have had no problems with my "mutilated" penis. I don't hold it against my parents in any way, and going by what I've read I would seriously consider having it done on my own hypothetical son.
There is actually statistical and reasonable evidence that circumcision could help guard against some STDs, such as herpes, HIV, etc. Because of the way the foreskin operates during sexual intercourse (it slides back), the area that on a circumcised penis would be the visible tip is exposed. The difference is that on a circumcised penis this area has become hardened, like the exterior of the foreskin or the rest of your body normally is. This makes it less susceptible to viruses entering the cells. Also, when the foreskin returns to its normal position it can trap viral cells inside and keep them in an environment where replication is easier.
I don't think there's sufficient evidence to suggest that the practice is dangerous enough to warrant a ban. In my mind any significant medical reasons against circumcision would trump religious reasons, but as it stands right now circumcision appears to be benign in most ways and surprisingly helpful in one, so I'd say it should be up to the parents and their doctors.
EDIT:
(To tell you the truth, the only lasting harm that I've observed from circumcision is that point in a boy's life when he asks his parents what circumcision is. There's a few minutes of raw horror and feeling sick, but after that it's like 'Hey, whatever.')