If you're doing it right, you shouldn't have to "peel" it.. in my experience it's 'self-peeling'..
I like the uncut.. more 'variety' for me (and, I think, for them).
Also sexier and more rustic/authentic somehow (but that's just me). I also like men with body hair and get creeped out by the shiny waxed pecs that are supposed to be "buff".. can't figure those out.
I'm pretty sure the glans is indeed more sensitive by virtue of being covered. Ever had a Band-Aid on your finger for a long time and noticed how much different the sensation is underneath when you've taken it off?