In reply to dmatth:
I've torn both the Lateral and medial meniscus in my right knee from two separate knee injuries. I had a repair on the medial side and a meniscectomy (meniscus removal) on the lateral side. The only reason I had the meniscus op is that I needed an ACL reconstruction, which was ruptured at the same time as the injury to the medial meniscus.
My advice would be to find a good physio and treat it conservatively. Meniscus surgery has big correlation with early onset arthritis so the advice I've heard is unless you need a knee operation anyway, leave it alone.
Stretching, strength & conditioning and lots of cycling has really helped mine to recover and I'm now skiing as well and climbing as hard as ever, though I can feel a bit of an ache after a big day on the hill.