I'm so sorry to hear this. How old is he? I think this diagnosis is harder on parents than on the child.
I was diagnosed at 15 and I'm still going strong without any significant complications. So don't let the various horror stories scare you. People always tell about "my grandpa who .... because of diabetes". Remember most of these stories are about people with type 2 diabetes and diabetes is a lot easier to control and manage these days.
Check out the website Children with Diabetes , it's got a lot of excellent resources and information. And keep asking questions, generally folks with type 1 and parents of kids with type 1 are really helpful.