I had a second degree tear when I gave birth 4 months ago, got sewed up and the stitches were gone within two weeks, all soreness and pain gone within three, and resumed my normal lovelife by 3 1/2 weeks. Dp said at the time that he didn't notice much difference, considering.
I couldn't feel much initially though, I was worried I'd never regain sensation and that I'd ruined our sex life, but I did, it feels completely and utterly back to normal, not any looser. Things looked a little "tired" down there for a while (haven't looked since, really) but not significantly different to before.
Try not to get too scared about the birth, people do it every day, often several times over- if it was That Bad no-one would do it more than once! And there has never been a better time to do it, never have the drugs been so good, and never have the doctors known more about what's going on with your baby.
You can't help but lose control when you're in the later stages of giving birth but the midwives are trained to KNOW that women do lose control, and they've seen thousands of labouring women, screaming, swearing, pooing themselves etc- you might be surprised how well you do behave actually, I whined and grunted my way through labour and only said "SHIT! Sorry!" a couple of times, even though I normally have quite a colourful swearing vocabulary!
As for things going wrong, MOST women have normal births, but dodgy statistics and scary stories are bandied about willy nilly. My advice is don't read "true life" (yeah, right) birth stories in magazines.
They wouldn't sell many copies of the magazines if they printed stories of bogstandard boring normal births: "Breezed through, nine hour labour, lots of waiting about eating biscuits in the early stages, gas n air really helped, very sore but I coped well, no stitches, healthy baby girl"