We had it at the 20 week scan with a girl. She had a rather mild dilatation, and I have had two follow-up scans since then. One (at ca. 28 weeks) was with an excellent urologist who basically said that with the development of scanning technology it is possible to pick up lots of things in the foetus, the problem is there is not enough evidence to make any conclusive interpretation.
Apparently, hydronephrosis may disappear as the foetus develops, and even if it doesn't, it may cause no problems to the baby, and several years ago no one would have known the baby had it. These days, once a scan picks up an "abnormality", even a slight one, doctors need to do something about it, hence all the monitoring etc (which of course I am very happy about for the peace of mind), but overeager paediatricians may put the newborn baby through some invasive tests and give it antibiotics just to be on the safe side, which, according to our urologist, may be totally unnecessary.
Anyway, after subsequent scans I was told that it is rather borderline and they will just monitor her after birth.
What concerned me much more is that this is a weak marker for Down's. I was scanned at King's (which is supposed to be really good at foetal diagnostics), and the sonographer rather bluntly offered me an amnio there and then and started discussing termination. I was extremely distraught. I posted here and got some very reassuring responses both from mums whose children have hydronephrosis as well as some doctors. Apparently, some NHS trusts don't even recognise hydronephrosis as a DS marker. In any case, we did not have an amnio. I am 37+6 now, and I just hope she is healthy...
Hope all goes well with the rest of your pregnancy, and you have a lovely healthy baby!