Hi,
I just wanted to weigh in here with our experience. Ds was circumsised at 3 weeks of age, with a local anesthetic. (This particular doctor only did babies to six weeks of age. Some will only do them after 12 months. However, after 12 months a general anesthetic is used, which makes the procedure more dangerous).
My dh was able to go in with ds while it was done. The doctor was very understanding and spent a long time talking to us about the questions we had. Ds was in pain (or shock) after it happened, and was in pain for the next 24 hours, until we were able to give him a bath and remove the dressing. We treated him with Panadol. Once the dressing came off he was fine, and has been since.
I was very reluctant to do it for the same reasons as you, but dh was unbudgable. He really out his foot down- we argued about it when I was pregnant. I gave in eventually.
But I actually don't regret the desicion now. Ds has suffered no ill effects and he looks like his dad, which I think is probably the was it should be.
Good luck with your desicion.