I've been riding since October with a large tear in the inside meniscus of my left knee. Besides being a large tear, there are numerous smaller tears within the flap. I'm having surgery on 2/21. Anyway, riding doesn't bother it in the slightest which the doctor said that it wouldn't if my cleats are set up properly.
For the record, my tear is in an area that the doc said wouldn't heal on its own and that section of the meniscus needs to be cut away. I have knee locking occasionally during the day when turning sideways and frequently at night when rolling over. Pain goes away in 30-60 seconds. It happened when I slammed the knee against the top tube during a 0 mph fall.