I would say take it seriously, but don't let it take over your whole life.
I was diagnosed just over 3 months ago. I've always known my risk factors were high, but having the actual diagnosis made me turn on a dime. I've altered my diet and started exercising 50-60 minutes daily. I also started taking Metformin.
3 months in, I've lost 3 kilos, my lipids are good and my sugars are consistently in the 4.0 to 6.0 sweet spot. Doc says she can no longer see direct evidence of diabetes in my lab results. Which is not to say I'm cured or anything, just that things are under control. I was able to get the situation under control very quickly and side step the serious health consequences.
The single most effective thing I've done is consistent, daily exercise of 50 minutes or more. Its more helpful, more effective and faster-acting than any drug-treatment available. Funny thing is - prior to the diagnosis - I always struggled with finding time to exercise. Hearing the diagnosis showed me my priorities. For me, when I realized I might go blind or lose a foot if I didn't put my health first suddenly made LOTS of time for exercise appear in my day.
For the eating portion of it - I joined Weightwatchers. Its pretty much normal foods - with portion control applied. The positive to that is, if I keep up the good work, I won't need to fuss with carb and sugar grams. (and Buzzard's Wife, I'm sorry to hear that's something you deal with daily.)
My life is actually better now than it was before the diagnosis. I'm healthier, I'm fitter, I weigh less and I get out more and I do more fun things. My clothes fit better, and I feel better about myself all 'round. The diabetes diagnosis scared the crap out of me and lit a fire under my ass to finally take my health seriously.
"Do what it takes to be healthy", would sum up my advice.
Oh. And you can attend a free educational class about managing diabetes (health, exercise and diet choices) through the Calgary Health Region. Here's a link. (click on the "living well" icon with the picture of the chunk of ice.)
http://www.calgaryhealthregion.ca/pr.../education.htm