In some people, the frenulum is short and dense, limiting tongue motion. Tongue-tie, if extreme, can cause problems with feeding and speech development. Your son clearly is not having problems feeding, but it is too early to assess his speech development. Not all tongue-ties need to be clipped. If some or all of these problems are present, you can anticipate speech articulation problems in the future.
Some practitioners clip tongue-ties with the infant awake, with or without local anesthesia.
The rationale behind this is avoidance of the risks of general anesthesia. I personally think this is barbaric and unsafe, and I only do these procedures under general anesthesia. This allows me to control bleeding and place sutures with great ease and with minimal trauma to the infant. Aside from infants and toddlers, there is one other group of tongue-tied patients who demand treatment, even though they have no problems eating or speaking. Tongue-tied teenagers typically become very unhappy when they realize that their condition interferes with their love life.