Had a BHR (Birmingham Hip Resurfacing) in Aug. 2001. Got it in the UK from Derek McMinn. If you really want to stay in the game, go to him -- he invented the implant and is one of the best sports orthopedic surgeons alive. I live in the US, BTW. It cost 1/4 what the procedure in the US would, insurance payed for it too. Seriously, IM me and I'll get you some contact info. BHRs preserve as much of you as possible and restore anatomical function. That is the key -- you will be able to do before the operation what you do after it. Moreover, should it ever fail, you can always get a THR (see below).
As for me, I've been very active. Still squat and deadlift regularly with no issues at all and am a very, very active martial artist. Couldn't be happier. Just a couple of weeks ago (51st b-day) I decided to go back to doing sprints to compliment my deads. Yeeeeeee-haaaaaaa!
A THR (total hip replacement) removes a lot more bone and mishaps include things like leg length difference which can completely ruin any possibility you will have of doing athletics. Also, depending on the implant, there can be a lot of "stress shielding" which means that forces do not go through the bones normally. This causes bone loss which leads to fractures and other failures. THR is the standard, but is aimed at people who are quite elderly -- in their late 60's or beyond and for whom the implant is more robust than they will ever be. There are serious mobility restrictions that go with them (squat to parallel = disaster) and yes, dislocations are a really scary part of it. I knew of one lady who had 9 of them because the implant was installed a smidgen off. If you get one, you will have a very high risk of getting more. A lot of people dislocate on the operating table and don't know it too...
As for not doing a bilateral, this is the surgeon's decision. I have been on a large message board called surfacehippy (yahoo group) and many people have had same-day bilaterals. This is very, very stressful though on both the patient and the surgeon. Be sure you need one though. When I first went to McMinn I was sure I needed a bilat too. He told me to get the first one done and see what happens. Most all of the pain was because the good leg was doing all the work for both. Not a peep from it since I got the bad one fixed.