On the physical side... apparently the opening of the ureathra exposes more nerve endings making sex that much more pleasurable.
That said, I too, find this a tad over the top (and I've had genital piercings for about 14 years) BUT there is historical precident.
From your link...
Quote:
Cultural traditions
Subincision (like circumcision) is widespread in Aboriginal Australia, and is well documented in cultures of the central desert such as the Aranda and Luritja peoples. The Aranda word for subincision is arilta, and occurs as a rite of passage ritual for adolescent boys. It was gifted to the Aranda by Mangar-kunjer-kujaIt, a lizard-man spirit being from the dreamtime. A subincised penis is thought to resemble a vulva, and the bleeding is likened to menstruation.
This type of modification of the penis was also traditionally performed by the Lardil tribe from Mornington Island in Queensland. The young men who chose to endure this custom would be the only ones to learn a complex ceremonial language, Damin, which is the only known non-African language with click consonants. In later ceremonies, repeated throughout adult life, the subincised penis would be used as a site for ritual bloodletting. According to Ken Hale, who studied Damin, no ritual initiations have been carried out in the Gulf of Carpentaria for half a century, and hence, this language has also died out.
Indigenous cultures of the Amazon Basin also practise subincision, as do Samburu herdboys of Kenya, who are said to perform subinicisions on themselves (or sometimes their peers) at age 7 to 10. In Samoa, subincision is traditionally a coming-of-age ritual. In Hawai'i, subincision of the foreskin is reported to have been performed at age 6 or 7.
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I am just not sure how I feel about cultural appropriation... Not that I'm going to get that bent out of shape about it if someone decides to take part in this act, it's just that it raises some questions for me.