Even though a number of papers have shown that B12 levels are low in older people and that B12 is poorly absorbed, some scientists in Sweden have linked higher vitamin B12 levels in the blood with a higher risk of advanced prostate cancer.
It is not clear at this time if this is due to supplementation, pattern of food intake, or some genetic pattern that may lead to higher B12 levels.
But if you are taking vitamin B12 supplementation, and especially, higher level supplementation to make sure it is being absorbed, this is a note of caution.
A link to the abstract of the most recent paper is here:
http://www.ncbi.nlm.nih.gov/pubmed/18268110
Their conclusion says: CONCLUSION: This study does not provide strong support for an association between prostate cancer risk and circulating concentrations of folate or vitamin B(12). Elevated concentrations of vitamin B(12) may be associated with an increased risk for advanced stage prostate cancer, but this association requires examination in other large prospective studies.
So it's still a bit iffy.