The NY Times blog reports ARod feels better already than he did early in spring training. While it seems that the incredibly convenient timing of ARod's injury might in fact have been a coincidence (unless this is all part of the plan), it sounds like he'll be back well before the May 15 deadline.
I'm not a conspiracy theorist, so I will chalk it all up to coincidence - ARod gets hurt just when the media scrutiny from the steroid scandal is threatening to overrun the Yankees' preparations for the season, and he winds up needing a less invasive procedure which it turns out might well do the trick (and he might not need the follow-up surgery after the season). And on top of that he's ahead of schedule in his rehab back.
He's not back yet, but if he's raking in late April for the Yanks, the team couldn't have asked for a more perfect solution to the situation in spring training - other than ARod suddenly becoming likable and media savvy.