Rabbits are frail, yes, but a rabbit-savvy vet should know how to poperly handle a rabbit during operation. Finding a rabbit-savvy vet is vital. How to spot a bad vet: if a vet advises you to let a rabbit fast before the procedure. Rabbits should never be fasted, because their guts should stay active at all times. Also rabbits physically can’t vomit, so there’s absolutely no reason to fast them before operation.
My BF was anxious to have our bun fixed, because he heard many ghost stories of rabbits dying on the table. Although no surgery is 100% risk-free, the risk of death has dropped to about 1% according to the HRS. Provided that you have a rabbit-savvy vet, the risks are minimal.
Here are some websites on the subject which I found helpful: http://rabbit.org/faq-spaying-and-neutering/ and http://www.bio.miami.edu/hare/opcare.html
Fixing is done for several reasons, bam already pointed out the most important reason for the ladies. For the gents fixing is also important, because their hormones can turn them into frustrated little monsters. Our male bun was fixed quite late, well into his second year I think. Suddenly he started to display hormonal behaviours: humping everything in sight, agression and spraying. It was horrible: he just wasn’t himself anymore and was very difficult to handle. After the procedure he made a quick recovery within 2-3 days. He’s much calmer and much happier now, although we do have to watch his food intake more carefully. Fixed rabbits tend to put on weight faster, but they also live longer than their intact cousins.