As an uncut male, I'd like to chip in with my two cents.
I basically agree with both Kong and Swank on the fact that circumcision is more or less unnecessary. The only tangible benefit I can imagine from being circumcised is the issue of better hygiene, but that can easily be solved by washing more thoroughly/regularily. I don't experience any problems, as I clean under the hood a few times a day. It isn't much of a hassle, really.
I obviously can't weigh the pros and cons of having sex with a cut or an uncut penis, but I can say that I derive the most pleasure from the "gliding" of the penis inside its own skin during intercourse or masturbation. Simply rubbing on the head, or using fast, stabbing strokes without the gliding motion isn't nearly as pleasurable. So, if I were to get cut NOW, I'd have to figure out another way to maximize my pleasure during sex, since the primary method through which I had acheived that would be taken away from me. I'm not saying that sex would be less enjoyable to someone who was cut at birth (someone who has had a lifetime of honing his self pleasuring skills without a foreskin), but I am saying that I wouldn't want to get cut because I couldn't enjoy the same sensation I have been used to any longer.
There is one downside to having too much loose shaft skin, though: I tend to suffer from a turkey neck because of that. Having a little bit less penile skin would actually benefit me, but I'm sure this isn't the norm for most uncut guys. My problem probably stems from the fact that I have gained more excess skin versus actually making good gains in penis length. I have never used a grip that would have caused this, yet it has happened somehow. There is the benefit of having a looser flaccid hang thanks to the excess skin, but the turkey neck is not something I'd care to have.
I can't say whether or not I believe FR to be the holy grail for every penile ailment (if any) cut guys may suffer from. I do believe that circumcision in itself (at least a tight one) does some degree of damage to the penis, but I'm not entirely convinced that there is any way to reverse that, i.e. whether or not the new foreskin grown over the head via FR will truly fix anything. It may or may not be the equivalant of a natural foreskin; I can't say that yet with any certainty.
On the other hand, most guys seem to be loosely cut, and have a perfectly normal and healthy penis to being with, so there may be no need to fix something that isn't broken.