Lots of misinformation!
I don't doubt that somewhere someone who was cut was unhappy with it. But I'd like to meet him and talk with him. I found no difference whatsoever, the head doesn't lose sensitivity, it doesn't 'dry up', things don't feel dramatically different. The 'lube thing' is a matter more of personal preference, the 'gliding action' sounds more delicious than it is (try rubbing your eye: Did you get an erection from that? The lid glides over the eyeball, too!) It's really not as significant a thing as alot of guys apparently have been led (or want to believe) to be true.
To answer jjcrays questions, masturbation without foreskin is really the same as masturbating with it, except, of course, you don't have the foreskin! During sex you don't really feel the foreskin, you just feel sex, it's not like it's a seperate feeling. So, having it there or not doesn't add or subtract anything form the overall sensation. Also, as a point of fact, you'd pull the 'skin back before putting the condom on.