Had mine done in March 2006, just a torn meniscus and some small clean-up work. Recovery was fairly short, and I was back to working out within 3 or 4 weeks. After like two months, there was no pain while walking, sitting, light workouts, yardwork, etc.
However, in July of that year (a little less than 3 months after the surgery), I did a track day on my SuperHawk. The force of hanging off the bike on a very busy, curvy course (Mid-America Motorplex, near Council Bluffs, Iowa), caused my knee to start to really ache. I popped a few Motrin, and continued riding. However, I could only do about 15 or 20 minutes, and I'd have to come in for a break. Five or ten minutes of sitting in a lawn chair, and I could go back out. Normal street riding for a month before the track day revealed no pain, so it was the added stress of track riding that pushed the envelope.
As far as recovery, keep it elevated, and keep it iced. I had it done on a Thursday, and was back at work Monday morning, no crutches required. However, as you know, every knee will be different. YMMV. Good luck, and listen to your doctor!