The requirement of circumcision in Judaism occurred for various reasons, including health reasons, and in modern society it has been pretty much shown to be a wise practice. There would be no use in taking it away now, as some boys who are not circumcised are having a hard time with hygiene now and this is a good cultural bonding practice.
Whether or not people should affiliate themselves with an organized religion is a question in itself, but if men are to be considered they have to be circumcised. Circumcision is symbol of the covenant between God and Abraham, and it is, by tradition, one of the three things men need to do in order to be considered Jewish.
There is no place in modern society for circumcision. It is cruel and unusual punishment and despite numbing the tip of the penis, baby boys feel the pain associated with nipping the tip. They cry horribly when it hurts. God put foreskin there for a reason--as long as the area is kept clean, there is little chance for infection.
No, circumcision should not be required in Judaism, because each parent should be able to decide what they do with their own child. Each child is unique, and it is sometimes hard to know what parts of the Old Testament are meant to be taken literally. The governing body of Judaism can make recommendations, but each parent should be able to decide for themselves.
Whether or not they want to have their newborn boys be circumcised is completely up to them and what they believe in. If it is their faith to not have this procedure done, then no one should make them do it. It should be up to the parents of the child.