Mark_D:
My hubby had the same thing a couple years ago. He was lifting a piano and tore his labrum. He has a hip disease which complicated matters (has had both hips reconstructed already). They advised they needed to do the arthroscopy to repair the tear and said it would be a 8-10 week recovery.
When they went in they found he had one small tear, they repaired it but couldn't do much more than that because he really needs a full replacement because of his condition. They were also able to clean out some "debris" as they called it.
They sent him home with one of those cool (not covered by insurance $1500 coolers) that he attached to his hip and within a few weeks he was back to walking around normal.
He had that surgery done 2 years ago and he's still doing well enough to prolong the actual replacement.
He was in significant pain before the scope surgery. Like I said his was complicated by his hip disease but his quallity of life improved GREATLY after the surgery. Its the first few weeks of recovery that were the hardest.
Best of luck to you!!