No, since cats don't reach that large size that dogs do, it's not an issue. In fact, the current thinking is with cats, the sooner the better. Females increase their risk of developing mammary cancer with each passing heat cycle. Females who are spayed prior to their first heat almost never get mammary cancer - it's generally fatal, or at best extremely expensive to treat. Females who are allowed to cycle in and out of heat are at risk for developing a deadly infection of the uterus called pyometra. With males, the big risk is that they develop spraying behaviors when they become sexually mature. Females can be spayed when they reach 2 1/2 pounds (about 10 weeks) and males when they reach 2 pounds (about 8 weeks). It's called a pediatric alter, and has been safely done (and recommended) in the US for over 20 years.
ETA - my remarks about females should have been "female cats". I have read up on the whole thing about dogs - and while cats and dogs are both mammals, there is where the similarity ends of course :)
Additionally to being a birth control method, neutering has health benefits. Uterine, ovarian, and testicular cancer are prevented, and hormone-driven diseases such as benign prostatic hypertrophy become a non-issue as well. Female cats and dogs are seven times more likely to develop mammary tumors if they are not spayed before their first heat cycle.  Unspayed dogs have a 25% chance of developing mammary tumors, about 50% of which are malignant.  A dangerous common uterine infection known as pyometra is also prevented.
The procedures may also help to address behavioral issues that might otherwise result in animals being given up to shelters, abandoned, or euthanised
Obviously, most animals lose their libido due to the hormonal changes involved with both genders, and females no longer experience heat cycles, which may be a major nuisance factor, especially in female cats. Minor personality changes may occur in the animal. Neutering is often recommended in cases of undesirable behavior in dogs, although studies suggest that while roaming, urine marking, and mounting are reduced in neutered males, it has little effect on aggression and other important behavioral issues. Intact male cats are more prone to urine spraying, while many common behavioral causes of urine marking remain in castrated cats. Contrary to popular belief, neutered male cats are not more prone to urethral blockages than intact toms. A male cat's naturally longer, narrower urethra predispositions the animal for blockage whether it is neutered or not. Key factors in prevention include an increased fluid intake and a nutritious, minimally processed diet.
Recent observational research by PAACT, The Professional Association of Applied Canine Trainers, suggests that spaying and neutering, though in many cases beneficial, may cause physiological and psychological problems if performed too early. PAACT claims that some dogs display paedomorphic tendencies, which may be related to early spaying and neutering PAACT. More clinical research is needed to verify these claims