B.C.
okay, this is not my personal expereince, but one of my best friends' sons has this condition. from what i understand (and if you'd like her email, i'm sure she'd be more than happy to talk to you about it), it's primarily a cosmetic condition. (the biggest immediate issue was that they couldn't circumcise him because they usually use the forskin during any corrective surgery.)
HOWEVER it can become medical as children are older depending on the severity of it. my friend said that with her son, because of how the skin was attached he wouldn't be able to have an erection and therefore wouldn't be able to have children. her son just turned one. he had one surgery at 9 months and will have to have one more in another few months. her surgeon thought he might be able to correct it in one surgery but in the end wanted to err on the side of caution.
the up-side of this is that he will not remember any of it and in the end it was probably harder on her than on him. he was born in chicago and she has since moved to green bay but she is still working with the surgeon in chicago and can't say enough lovely things about him.
please let me know if you'd like her email/contact info as she can certainly give you more and better information that i am able to do.
good luck!