Hi J.,
I am not a mother who has had a similar experience, so I found some sites that address your questions, and they give points of view from parents, physicians, and a SLP (speech and language pathologist). The 2nd to last one addresses the "no big deal" procedure. The last one is the most informative as to real-life implications, and explains why it would be a good idea to have a SLP evaluate your child to determine if surgery is necessary.
http://www.drgreene.com/21_94.html
http://children.webmd.com/tc/tongue-tie-topic-overview
http://answers.yahoo.com/question/index?qid=1005121401901
http://parents.berkeley.edu/advice/health/tonguetied.html
http://members.tripod.com/~Caroline_Bowen/tonguetie.html
If you decide to have a SLP evaluate your son, there are 2 options I know of. You could exercise one or both.
One: call the special education dept. in your school district and tell them you would like a SLP to evaluate your child and make recommendations (you may need a referral from the pediatrician). This is the freebie option.
Two: check around and find a reputable SLP who has extensive experience with children with tongue tie. Get the pediatrician to write the referral, and see if your insurance will pay for the evaluation and any follow-up treatment, if needed.
Note: the SLP might recommend follow up treatment post-surgery, if you go this route. If so, see if your insurance would cover this. The SLP's know how to word things AND how doctors can word things to get insurance companies to pay.
Try to put yourself in your son's shoes and imagine what it will be like to KNOW how things can be said, but not to be able to SAY it; and to not be understood well, no matter how hard one tries. In OT school, we had to wear a rubber glove on our dominant hand for 24 hours (to mimic the decreased or complete lack of sensation typical of a stroke patient), in order to comprehend what a person with a "dead" hand must deal with. I "got" it, and I'm convinced it made me a better, more compassionate therapist. In your son's case, he is fortunate because his defect need not be permanent.
Your son is blessed to have a mother who gathers information and looks down the road. I was an OT in the schools for many years, and I can tell you that it is a blessing when a child is given the opportunities to be able to speak as clearly as possible, as early as possible. Good luck! jenifer