Eh I got mine pierced when I was a babe and I'm no worse for it. Would I do the same to my kids? No, but I don't think it should be illegal. It's over quick, just like a booster shot, and while one has medical benefits and the other is purely decorative a very young child is going to have about the same recollection of either experience.
Basically I don't care.
Laugh, and the world laughs with you; Weep, and you weep alone;
For the sad old earth must borrow its mirth, but has trouble enough of its own.