My vet told me that it lessens the risk of mammary tumors later in life if the bitch is speyed earlier than its first season. Before I am slated, please bear in mind that it is my vet speaking, not me!
Like JG, I prefer to spay later. Not after the 1st season but after the 2nd or 3rd, or when the bitch is 18-24 months old.
I believe that a bitch needs the hormones in her ovaries to mature properly, physically and mentally and lose puppy-ish characteristics.
Yes, if you spay before the 1st season you do reduce the chances of mammary cancer, however the chances of mammary cancer are already incredibly low, like JG says, and your dog is far more likely to be, say, run over by a car, than to develop mammary cancer, so I don't see this preventative reason as a reason to do it.
After all, we don't give young girls hysterectomies and mastectomies routinely, because they might possibly get cancers of the uterus, ovaries or breasts, do we? I think the whole veterinary profession has gone a bit neutering-mad.