Hi blumama. I posted the same sort of message recently as DD1 and DD2 both have them. DD1 (aged 4) got them first, in January this year. Started as a small red patch under her right armpit area and then became little bumps and then grew to about half the size of those rubbers that you see on the end of pencils. She mostly had them on her chest and arms and in her elbows but also a few on her thighs. Having talked to the GP but not being happy with just leaving these unsightly things once they started getting bigger and really horrid looking, I tried Molloscum-no-more, Elizabeth Arden 8 hour cream (think a MNer suggested it) and duct tape but to no effect. About 3 months ago her spots started getting quite red and looked pretty nasty and infected. For DD1 this was the start of the end of the cycle, although I couldn't be sure of it then. They looked nastier and nastier and then they'd burst and the quite a lot of blood came out, along with the infectious inner core (like the contents of a big, hard, whitehead). I made the mistake of putting plasters over these spots to stop all the bloody mess over her bedsheets and clothes but actually that slowed down their demise as they weren't drying out and sort of shrivelling up and going.
Other children did ask about DD1's spots but she was very matter of fact about them and it didn't seem to bother her too much (once she got used to the blood on her clothes). Both my DD's and a lot of their friends had chickenpox at the beginning of the year so to some extent I think they thought of the molluscum as a continuation of this. I told her nursery teachers about them just so that they knew what these horrible things were and made sure that she was pretty much clothed from head to toe so that there could be no direct contact with other children's skin.
At this point DD2 (aged 2.5 years) contracted the virus and now she has them. They are smaller but she has lots more of them. Even though a lot of people say to just leave the virus because it will only clear up and go in its own time, I was so keen NOT to go through the whole revolting bloody cycle with DD2 (although I don't know that hers will necessarily follow the same course) that I contacted a Homeopath (for the first time ever) to see them both because I couldn't stand the things any more. I got given a one off constitutional remedy for each and a course of homeopathic pills specific to each child. Now, almost 2 weeks later, DD1's spots have nearly all gone (it's taken 9 months), they are flat red marks that look a bit like chicken pox scars that need to fade. DD2's are getting bigger and harder and she's still getting more of them so I think the homeopath's going to change her 'prescription' soon. I have absolutely no idea whether the homeopathic pills had anything to do with the demise of DD1's spots (as we call them) as I think they were going anyway but I can't be anything but delighted about the speed with which they are going ... we're looking forward to all those nice little girls clothes for next summer and for me to spend less time soaking all the blood out of her clothes/bed stuff/teddies etc. (Vanish powder = magic stuff). Fingers crossed that DD2's spots will follow a different (and shorter) cycle to DD1's.
Finally, if your child has one/some near his eyes then keep an eye on them and perhaps point them out to your GP again next time you go. On the off-chance that they get as big and bloody as DD1's then you don't want them anywhere near eyes - that might even mean getting those ones surgically removed but I don't have any personal experience of that.
So, that's us. Hope it helps a bit. Sorry it's so long and waffly! Best of luck, hope they don't bother him too much and that go away very soon.