A cock looks good in any thing. B&W...or Color...
Ahaha, true.
B&W is just another tool that photographers have in their kit. The problem with digital B&W is that it's just a desaturated colour image. They just took the colour image and sucked the colour out of it. The artistic gain in B&W with digital is less.
In film, the clarity of the image goes through the roof. If you're just looking for detail, there's nothing in the world that can touch good black and white film. Between that and grain (which is superlatively superior to digital's "noise") you can get images that feel intense and introspective without having to dick around with the negative.
There are lots of differing opinions on the other point you touched on, but generally speaking: Colour is harder on faces than black and white. Colour shows all the blemishes and splotches as well as the lines and wrinkles, whereas a black and white image really only shows you the lines and wrinkles. Black and white, on the other hand, is hard on the rest of the body (cocks included) because it shows you only the lines and wrinkles without the pleasant shades of skin tone. Plus, blush on the body makes it look alive and exciting. So colour tends to be better for body shots.
Of course, good photographers violate all the "rules" as often as they follow them, so anything I said above has a zillion counter-examples.