I struggled with this issue quite a bit when I was married to a Catholic and trying to decide how to raise any kids we might have. I came to the conclusion that there was a lot bad with this practice.Some Christians baptize children long before they are old enough to chose anything. I disagree with this but see nothing bad about it.
The issue isn't so much with the ceremony itself but with the theology behind it.
When a parent presents their child for infant baptism, they're effectively saying "as he is right now, my child is so evil that a righteous God could very well be justified in torturing him forever to punish him for being as evil as he is. Therefore, we need to dunk him in water in a special way to 'fix' him."
The dunking in water part is a bit silly, but the implied attitude of the parents toward the child is monstrous, IMO.
... provided they take the theology seriously, of course. I realize that in practice, many (most?) parents who baptize their kids do it because of cultural norms or family expectations and might not be thinking too much about the theological implications.