I bought a used industrial bike that has one. I can't really tell that it affects handling while riding, but then that's on a heavy cruiser, not on a 15# bike. Where it really affects it is when you're not riding, as it tends to make the front wheel rotate around when on the kick stand. If your bike is light enough, it may not stand up on the kickstand at all. If you have a kickstand, that is.

Cosmetically, it looks a lot better on a clunky old cruiser than on a bike like yours.