Actually, since the foreskin contains around 50% of all nerve endings in the penis it would be about equal to removing the inner labia completely on a woman, i'm fairly sure that it's quite comparable when it comes to risk of contracting some diseases too.
But when it comes to sensitivity, that's not enough, you'll have to make the clitoris bare too so it is MUCH less sensitive to make things equal so the hood has got to go and probably some of the outer labia in some cases too to make it equal.
See, a man who isn't circumsised can't walk around with his foreskin pulled back, the glans is so sensitive that it physically hurts to do that.
Anyway, both of the procedures, female circumsision (which isn't a medical procedure and doesn't always include removing the clitoris, in some Kurdish tribes it's the exact procedure i described above) and male circumsision are both genital mutilation, there really is no debate to be had whether it is or isn't, per definition it is.