The fact that circumcision IS so common in the US is a gigantic issue.
You're basically cutting the nerve endings in the penis making them feel less sensation, leading to sexual dysfunction due to the lack of feeling and control (basically leading to both premature ejaculation and inability to ejaculate, to downright impotence from a lack of sensation.
Why on earth would you consider doing something so damaging to your son and his sex life for cosmetic reasons? If I were asking you this same question about my daughter, wondering if I should cut off her clitoris for cosmetic reasons, you would think I'm a monster.
Like someone else in the thread said, male and female circumcisions are not equivalent.
Cutting a piece of foreskin has a negative impact on sensation, sure, but it has a positive one on self-esteem (hence why some people think the aesthetic value is not something to sneer about). Additionally, the smell of "smegma" is non-existent in circumcised penises.
Circumcising the clitoris is literally taking the mechanism of orgasm off a woman. The clitoris is actually around 7 inches long and the small piece of flesh you see is like the tip of the iceberg. Even vaginal orgasms are due to the clitoris (the g-spot is the other end). So female circumcision is actually closer to cutting the head of your penis off. I feel nasty just thinking about it, and I feel terrible for women that have experienced it.
I don't regret having a circumcision as a man, though. Plenty of circumcised men have normal sex lives, and plenty of uncircumcised men have erectile disfunction or inability to ejaculate.