Hi Divadani, proceedurally my colposcopy was a breeze, in my case they could see that I had a lesion & took 2 biopsies, but even then it was painless & actually better than my smear had been as the doctor performing it was much more skilled than my GP! It turned out that I had a high grade CIN2 lesion that needed to be removed. I had that done just over 4 weeks ago & recently received results informing me that it has been successfully removed & I have to go back in 6 months to make sure there isn't a reoccurance.
As Edaj said if you have low grade changes the chances of them going away on their own are very high. If they don't & you do need to have them removed the treatment is completely effective in 95% of cases. The hardest part for me was the fear & worrying, you are lucky to have found this site so soon as you will get alot of good information that should help you not get as stressed as some people (like me!) who didn't have such good information :)
Good luck, I am sure everything will be fine *hug*