But I've never asked one of them, so who knows?
Seriously, though, I'm just about positive that male animals (and females as well) do not know the difference between their before and after spaying and neutering selves. If males notice anything missing, they are definitely not capable of attaching any particular significance to it. As someone said above, any "benefits" of neuticals and the like are for insecure human males, not their pets.
I can think of a lot of things to spend that kind of money on that would be much more beneficial for the animal itself, but if that's what someone needs to feel comfortable having their dog neutered, I'm not going to object. I'm a big fan of spaying and neutering, and far be it from me to complain about anything that might encourage someone to do it.
Those earrings, though...
When I saw the picture of them on that website, my first thought was, "I guess truck nuts were not enough, so now we have...ear nuts?"
Honestly, the best thing I can say about them is that most people would probably not realize what they are!