I'm now 4 days post-op from arthroscopic surgery with Dr O'Donnell in Melbourne. There was only a minor little labral tear, so he went searching for something else and found a full thickness tear of the ligamentum teres (the internal ligament that connects the head of the femur with the acetabulum). It was nastily inflamed, and had set up inflammation of the sinovial lining as well. The ligament has now been removed. Fortunately it doesn't seem to have much function in adults, apart from maybe helping stabilise the hip, so losing it isn't that bad. Now the focus of inflammation has been removed, hopefully the rest of the hip will settle in time. Need to rest well for a few weeks and take anti-inflammatories for a few months.
I was really pleased with the surgery team and hospital (the Mercy). Everything went smoothly. No after effects of traction or anaesthesia, although I'm still sore in the hip joint of course! Could fly home to South Australia quite happily after a few days - just asked the airline for a big cushion to sit on to keep my hip elevated and at an open angle.

I'm interested in other peope's experiences with tears of the ligamentum teres - I'd never heard of it before the op, having focussed my attention on labral tears, which is what I thought I had. Thanks.