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It is a bit of tradition. They ask you if you want to do it prior to the birth. I think its meant to bring you closer to the whole thing. Ultimately you are left staring at the this wet looking tube of jerky that takes a surprising amount of effort to cut!!!

I didn't feel closer to the birth after doing it!!

Tradition or not, I'm glad more and more men are taking an active part in the birth process. A woman nourishes the baby in her womb through the umbilical cord. Upon birth, when the man cuts the umbilical cord, it's almost like assuring the baby that he will nurture and keep the baby safe always.