Zak, it depends how much damage you have done. If you stopped running immediatly and get treatment then you might only be off running for a couple of weeks.
In my case I ignored it for about three years, until it got to the stage that I couldn't put any weight on it at all, and then I saw a podiatrist out of dispair. I honestly didn't think that he would be able to do anything for me, but he got me limping along almost immedaitly (huge improvement), walking properly again in a couple of weeks and I was beginning to run after about 2 months - although only for 10 min at a time.
When it comes back I rest for only a couple of days and it goes away again.
Beachcomber - Again, I think it depends on how much you ignore it. If you keep getting pain, resting, running again and getting pain again then you can build up long term damage. If the incidents are rare (mine are about three or four times a year) and you get the occassional massage to break down any scar tissue, then I think you will be alright.
With any injury, if it keeps occurring then you will build up scar tissue. This will eventually stiffen up the area so that it can't do it's job properly, so other areas have to compensate. That's when you get secondary issues (heel spurs could be one of them, I don't know) and often these are more serious than the initial injury.