Personally, I think that you should have the surgery. I know at least 8 people who have had the surgery (one person twice on the same knee) and none of them had any issues. Of course every person is different and it depends on what kind of use you are going to need. I need it to ski (as did most of my friends), so if you are only a recreational athlete then you might not want to go through with the surgery. And if in a few years you find your knee giving out and you want more stability in your knee, then you could get back on the list and have the surgery.
But if you do decide to have the surgery, then you have to be committed to the rehab. It will be hard work and it will not be fun. But the pay off is worth it.
Regarding knee pain, I think that knee pain will continue regardless of having the surgery or not. Everyone that I know who has had the surgery occasionally has knee pain after a hard work out, or sometimes with weather. It will be something that you will learn to live with. On a related note, my dad blew his knee when he was young and did not have surgery, but he still gets knee pain.
Hope this helps you in your decision.