What NJBiker said is exactly correct. You will not know the extent of the tear and following recovery protocol until you get in there.
I had arthroscopy on a meniscus tear in May 02. I had no formal PT. I was able to ride my mountain bike (with very elevated seat) 5 days later and was completely back on the road bike within nine days. Running was a bit slower to recover but was running within two and a half - three weeks. I completed IMC in August 02 with no detrimental affects whatsoever.
Best of luck with your procedure.