My son has this too we have been having 6monthly checks with the peadiatric surgeon they still havn't decided if they will do any type of repair yet( he is nearly2y old)!
My DS only has a mild case,He doesn't have any problems weeing and his penis is straight it is more a forskin issue so they are waiting to see if it gives him any problems!
Every case is different so it's hard to say what if anything may be done,
Sometimes I'm happy they havn't done any surgery as I would find it hard to put my child through that but then other day's I wish they had done it already as I feel it will be worse for him the older he gets!
I found this site good for information: