From personal experience I'd say to the OP that any adult that wants it doing for anything other than medical reasons is mad. It hurts like hell.
I had mine done at the ripe old age of 34 (2 years ago). I basically had a medical condition called paraphemosis which is were the foreskin is retracted and then gets stuck. I'd never had problems in the past and always kept myself clean, yet one night it just basically got stuck. I panicked and spent hours with a bag of frozen peas over my little fella to no effect. First place I went to was the internet and a quick google suggested a sugar solution for reducing swelling, I sprinkled loads on my tadger, again with no effect
By the morning I'd rung the NHS Direct, had to explain my predicament to 3 different nurses before being told to go straight to hospital. Had to tell my Dad and get him to drive as I could hardly walk by this point. Did the whole waiting in the hospital with my Dad like some scene from American Pie, with him constantly asking what I'd been doing to end up like this. Finally the doctors took a look and I was told they would inject anesthetic in the base of my penis and then try to force the forskin back into place. They did say that if this didn't work I'd need an emergency circumcision. After two of the most painful injections I've ever had they managed to get it sorted. A trip to see a specialist afterwards confirmed my bell was to big and was told I needed the chop (I know, I could say my foreskin was too small but I prefer my way

)
I was knocked out for the op itself, afterwards I felt fantastic for about 18 hours afterwards probably from all the drugs, but once they wore off I was in agony. I'd say it was the worst 2 weeks of my life, I usually sleep on my front but couldn't obviously, and whenever I did get to sleep I kept getting erections that were nearly ripping out the stiches from around my *******. I had to go back to the docs after 4 days and when she checked she said that they had put the stiches in too tight, cue a trip back to hospital were they considered taking out the stiches and doing it over again, but luckily they decided to just put me on much stronger pain relieve for 2 weeks till it had healed.
As for the whole sensitivity thing, 2 years later and I've noticed no difference. For a month after the op I was more sensative and it took a while to get used to the feeling against your undies, but after that it went back to feeling just like it always has.