There is little evidence that it serves any useful medical purpose and the accidental mutilation rate, though low, is good enough reason to either postpone it or refuse it at birth. If a circumcision is needed later, either for medical or religious reasons, it is better performed on a more mature penis. The penis of a newborn is extremely tiny, and it is difficult to differentiate between penile material and foreskin material. That's where your family and friends come in handy. The infant will not be athletically active, so bathing every two to three days should be sufficient, and mostly use only a washcloth with warm water for the skin.
Lotion is recommended since the baby's skin is quite sensitive and usually dry.
A mild shampoo is in order, again every two to three days. For the first weeks a simple sponge bath will do, then you can switch to a warm bath. I tried a sink bath with the spray attachment and the baby loved it. Test the water on a sensitive part of your own skin, like the inside of the wrist or the inside of the elbow. Keep the room where the bath is given a little warmer than normal.