In modern time AND good hygiene, there is little difference. Meaning if you washed that one-eye snake twice a day or more and are in a monogamous relationship, then that levels the playing field. In fact, you might experience a better sex life since the protected penis is more sensitive.
Unkept phallus is prone to infections by harboring excess fluids, which is a great place for microorganisms to grow. Balanitis is not pretty. (google it)
*only had uncircumcised ones so I cannot personally compare, but that another thread*