It's a personal decision, and in terms of the male, it isn't going to do much more than offer him a thrill =) He won't have to pay child support or get a second job to take care of the kids even! Here's my serious opinion though:
My personal belief is that if you don't have a good reason other than "opportunistic breeding", then you should spay or neuter your animal. There is nothing "wrong" with breeding if it's done responsibly, and the animals are cared for and have guaranteed forever homes when all is said and done. What you can do as an owner of the potential stud is talk to the female's owner and make sure that they have good intentions and they can be responsible through the whole process of pregnancy, labor, and making sure the dogs go to good homes.
However, for me, I don't see a need for my dogs to have puppies, and having them fixed helps with other health and behavioral issues, and I know that they can't add to the problem of pet overpopulation. For others, they make a living responsibly breeding dogs and help all of us owners find the perfect dog. There are plenty of dogs already out there looking for good homes, so adding to the numbers "just because" raises a red flag for me. Hope this helps you with your decision!