I was given the option for surgery and I turned it down. I went to physical therapy (UT has pt for athletes that is available if you know the right people) for 3 months. The therapy really made me concentrate on my joints in my shoulders and afterwards, I felt great.
This would have been from March of '06 until August '06. Since then, I've been on Glucosamine and around 12-16g of fish oil a day and it hurts but I've survived.
As for your question on heavy lifting all of my lifts have gone up. I still bench heavy, hang clean, d-lift, squat etc. But any overhead I just cannot do. The mix of pain and loss of range of motion makes it tough for snatches, overhead press, and even sometimes pullups.
The pain is still there for me and it drives me crazy, but I heard too many negative opinions on AC Joint/rotator cuff surgeries.