It is a pertinent topic.
The way I see things right now, there is no medically justifiable reason to do it.
The only argument to be made for it, and this is a rather trite one, is that it seems, according to some sources, that American women have certain ideas about it and the old qualifier of 'locker room' situations.
Personally I don't think either of those are good enough alone.
I do believe in universal use of pain blockers for infants. Not because I think the procedure leaves mental trauma, but in the interests of preventing undue cruelty. I have stated before that due to the nature of our brain development, we can't remember any of are experiences from that age, nor have I ever seen much evidence to suggest there are latent effects from anything that happens in the days immediately after birth. Though things like mother bonding and such occurr at this point, whether or not these conditions persist past infancy and to what degree they are instinctual and reactionary have been debated in very heavy texts that I'm not qualified to discuss. What I do know is that the physical trauma of birth and removal from the womb would make us all insane if we were mentally affected by it, so I doubt if mental damage from circumcision shows up in grown men. Irregardless, I think pain blockers are a necessity.
Another difficulty for parents is the question of 'what about later on?' The advantage of the infant procedure is that the child heals most quickly and naturally from that age, nor does he have any recoverable experience with an uncircumcised penis to contrast, as in if he were to have the procedure as an older child or adult. A parent may also worry or debate about whether or not the child may feel resentment for having a penis that he discovers is different (though he will likely get over this, where as it would seem men unhappy with their parents due to circumcision have the potential for a far more extended period of anger). It is, however, something that new parents must certainly consider when making the decision.
I myself have not decided what it will be when the day comes, but I would expect to discuss it in great detail with my wife/girlfriend and our doctor. If we were to do it I would insist on a careful and delicate operation in advance, as well as the painblockers. If we are going to cut my son's penis (if I ever have a son), we're going to do it right! But to be clear, I'm not to keen on the idea to begin with.