An article in eMedicine about pearly penile papules (PPP). Pearly penile papules are small dome-shaped skin-colored papules that often are located on the sulcus or corona of the glans penis. Commonly, pearly penile papules are arranged circumferentially in one or more rows. They are considered to be a normal feature and are harmless.

Pearly penile papules are not associated with personal hygiene or sexual activity. They are a benign feature and can be safely ignored. I would not get them removed because the coronal ridge has a high concentration of Meisner's corposcles, which are fine touch nerves. I would think that removing the pearly penile papules would have a high risk of reducing sensitivity of the penis.

Reference: Wikipedia article on Pearly penile papules (Hirsuties papillaris genitalis )