The bad news is that while everyone keeps saying that Gilbert will be back in about 3 months, Basketball Prospectus has some reasons why it might take longer:

While it is impossible to make an apples-to-apples comparison of the microfracture surgery performed on Arenas to the more well-known applications of the technique on players such as Amaré Stoudamire and Greg Oden, it’s also not necessary. Arenas’ knees are simply breaking down under the stress of his activity, as proven by continued, chronic swelling and the reduction of function in the twice-repaired meniscus complex. The three-month recovery quoted by the Wizards is extremely aggressive–most physicians interviewed for this piece felt that six months was a more likely scenario–but none would rule it out. “Pain tolerance is what it will come down to,” said one orthopaedist who regularly performs this type of surgery on skiers. Arenas may be able to come back from this on his schedule, but for his career, the clock is ticking.

Yikes. But before you all go into panic mode, AOL Fanhouse argues this might not be the worst thing in the world in the long term:

Gil’s Washington Wizards, who were inexplicably in “now or never” mode, can stay afloat without him. But if they’re going to generate any electricity down the stretch — and convince Antawn Jamison to stick around, and keep Eddie Jordan from being fired — they’ll need Arenas back better than he left.

Which is right up Gil’s alley: after six months of inactivity, distraction, and media-baiting statements, Agent Zero is finally back in the role he made famous: the magical underdog, out to take what’s his with a mix of ferocity and levity.