Ouch! I tore my left one and had it fixed back in 2008. I also had a lateral release done at the same time, to help fix ongoing issues. Because I had 2 things done at once, I can't really comment on just the one procedure.
I can say the outside of my leg hurt like !(#*$&!@(@ from the lateral release but the inside where the meniscus fix was done was only a little achey. During rehab after, again the lateral release part hurt pretty dang bad, but the meniscus never did more than ache.
I was on my feet the same day, wrapped up tight as a sausage, but I was up. No crutches allowed.
A coworker, who is older, had hers done last winter, and was off work for 2 weeks. I had mine done on Thursday, could've been back on Friday, but didn't go back until Monday.
As for exercise, I was walking right away, started slow and short (around the block) but my thigh hurt like crazy from the release. I could do upper right away. I was back into low impact at about 4 weeks. And I started doing weights as soon as the therapist had me doing weights there. Started light, and took a couple months to get back where I was. It was probably 6 or so weeks until I was back to easy step and careful kickboxing. Then I just added intensity based on how I was feeling. Probably took 6 months for all the aches to go away, and it will still be fussy on occasion, especially if the weather is icky. But all in all it's pretty good.
I'd do it again in a heartbeat.
I guess it depends on you, your doctor, your pain tolerance, and your healing speed.
I think it will be relatively painless and a quick heal. Like I said, it wasn't the meniscus part that hurt to fix.
Best of luck!
Nan