Removing the testicles from a male dog will remove the associated hormones, and will have an affect on their behavior and personality. It won't ruin a good hunting dog, but they can become more prone to laziness, weight gain, and timidness. Plus side is they could become less of an asshole, if you deal with that. I have had several breeders and vets tell me that for what my dogs do, neutering is not recommended. I generally leave my males unaltered and have had several excellent hunting dogs.
If we're talking about backyard pets whose sole purpose in life is to just make mom and dad smile, neutering would probably be fine.
I think a much better option for a hunting dog is to consider a doggie vasectomy. We are getting a female in July, and even though both dogs are from high quality working lines, we don't want any woopsies. So my current chocolate lab will be getting one in June. They are gaining in popularity, and more and more vets are starting to use them as a way to sterilize male dogs and maintain their current level of hormones. You may have to do some digging to find a vet to perform a vasectomy, but I was able to locate one with the below document. The cost is more, but still very affordable at $315.
Vet Listing for the “Ovary Sparing Spay & Vasectomy Information Group” This is a list of vets group members have used or confirmed directly. If you would like to add a vet to this list, please post a comment on this thread or you may comment directly on this document and we’ll edit it to i...
docs.google.com
If you do decide to neuter, I would highly recommend waiting until they are at least 18-24months old. Neutering to early has been proven to lead to several developmental issues.