You know, I've examined the manner in which circumcisions are carried out by doctors in hospitals and the manner in which the mohel did my first son's. I have to say that even without pain medication, I find the mohel to be much more humane.
In a hospital setting doctors will strap the baby to a board, hopefully cushioned. Then they'll futz around with whatever pain management they're using and then perform the circumcision. I think the usual procedure takes five to ten minutes. At the bris, the entire procedure - including placing the baby on the pillow, restraining him by hand, all of the prayers, all of the clamping and all of the cutting - took about a minute.
Since it appeared to me that my son was far, far more distressed at being held down than by the actual procedure, I have to conclude that the bris is the most humane of the options.