Hi shaniro -- I hope your son has continued to improve and is getting ready to go home, if you're not there already. I just found this site myself, and had to join after reading your post.
My son, now 12, was diagnosed last December. We, too, had to go straight from the dr's office to the hospital, where they determined his bg was at 720. After being transferred to another hospital and setting up camp for a few days, we were all feeling confident and itching to go home. As smart as we felt while we were in the hospital, though, as soon as we set foot in our front door, panic set in, and we were certain we would somehow mess things up and kill the poor kid within 24 hours. Amazingly, we still haven't after 7+ months. (Although being 12, he still may meet a sticky end at the hands of his parents from battles over messy room, incomplete homework, general crabbiness, or the like.) :)
Since that time we have done what was unthinkable back in December: we have let him out of our sight and released him back into the wild. He has since had sleepovers, gone on a couple of Boy Scout trips including a week long camp, spent a week at his grandparents without us, and vacationed with us on a cruise to Mexico. If you had asked me back in December, I would have thought it impossible, but trust me, it gets better. (Although I still had a knot in my stomach every day during that Boy Scout camp.)
My advice would be just to deal with it in your own way, one day at a time, working through any fear/anger/questions/doubts as they come up. As for me, I was a wreck at first, and my abilities as an expert worrier multiplied exponentially overnight. I knew things were improving for us once we were all able to start making sarcastic & funny comments about the whole situation. (When all else fails, we tend to turn to dark humor around here.)
Hope our posts have helped some...we've all been there. Take care, and keep us posted.