I had my hood pierced about 5 years ago. The initial piercing doesn't really hurt all that bad but about an hour later you just want to walk around the house with out any pants on. I made the mistake of wearing Levi's and no panties when I had it done and instead of going straight home went out to dinner. I didn't enjoy dinner because all I wanted to do was take off my clothes. They frown on that in resturaunts.
I was told that it would make orgrasms come faster and easier but I found just the opposite, it got in the way.
I had to remove it for a surgical procedure and during my hospital stay the hole closed up so I never had it put back in. Can't say I miss it.
Some people really like them so I think it is a matter of individual taste.