yes we have a gelding who has been hobdayed and it doesnt affect him one bit,
alot of eventers have been hobdayed to help with there breathing when eventing, It is not something to be put off by, if the horse is what you are looking for go for it !!
My boy was hobdayed 5 years ago and it does not affect him at all. I will say though to follow the after care strictly as this was not done with the previous owner and now he has a good cough whilst he is warming up. I find if he has not been worked for a few days he coughs more but the vet has checked him all over and assures me he is just clearing himself. He can do all the normal things and he loves to have a bl**dy good gallop
Also it has made him multi-talented, he can cough, fart and buck all whilst cantering