I have asked a mod to move this to the Health & Illness section so that, as Eleanor said, more of the "medical" people see it.
Ovarian cysts are very common, yes. They are generally harmless; some burst within the pig without effect but almost all cases of cysts are treated one way or another. A spay is a complete solution, but a dangerous one. When you weigh up the risks, it's usually not worth putting the sow through the surgery - yet most vets say a spay is the only treatment for cysts!
There are two other, safer, treatment options: draining the cyst via a needle through the abdomen (no anesthetic), and hormone therapy. The hormone therapy varies between vets (and countries) but on the whole it seems to have a good success rate. The CCT gives 0.2ml Chorulon (HCG), one injection followed by a second injection four weeks later. Some other vets prefer to inject the pig routinely - one injection every couple of months or so. One of the additional benefits to hormone therapy (aside from the fact it is merely an injection as opposed to major surgery!) is that it quickly deals with the symptoms as well, helping hair to grow back and calming sexually aggressive behaviour.
I've only had one sow diagnosed with ovarian cysts, she had a small one on one ovary. She required two "courses" of injections at the CCT; 2 injections four weeks apart and then again a few months later. Her hairloss turned out to be caused by a different problem, but the ovarian cyst was undetectable after the second course of injections and her behaviour drastically changed (from being a very sexually aggressive, dominant sow to a calm, "aunty pig" figure).
I have not heard about the use of evening primrose oil, although I have come across it being used alongside medication for other conditions. The dosage I'm lost on, unfortunately!