Hello. While I'm not certain what you've heard that's been bad per se about Prince Albert piercings, let's try to debunk a few myths to help you feel a bit more comfortable about it.
First off, the Prince Albert is not placed through a large area of skin, rather some thinnest skin on your entire body, so fear not.
Healing a piercing that travels through the urethra may have you concerned about infection or the passage of urine. No worries, your urine will not harm the piercing and The Prince Albert piercing poses no more risk than any other genital piercing.
Last, placement is key with any body piercing. I recommend Elayne Angel's book The Piercing Bible. Not only does Elayne cover the topic of Prince Albert piercings in depth, pages 156-159 are packed with placement tips and suggestions whether you're well-endowed or need to cheat some extra tissue.
Should you be in the Dallas, Texas area September 25th-30th 2012 you can get pierced by Elayne who literally wrote the book on many different types of genital piercings. If not, you can find a talented piercer in your area by going over her tips in her book which will help you become much more familiar with the procedure.
I recommend you take the time to find a piercing expert, consider healing and the future care of your Prince Albert and then if you feel ready, go for it!
A genital piercing such as the Prince Albert can really add some spark to your love life and is known to be a great satisfier for partners, especially when you start experimenting with different gauges.
Should you have further concerns or questions please email Jodie @ firstname.lastname@example.org and I will direct them to Elayne on your behalf.
Best of luck!