I am seeing somebody tomorrow who is supposed to be one of the best in the nation for epicondylitis so I will chime in with the "news" afterwards.
I had a cortisone in November, which was marvelous but has started to wear off, and of course no one recommends more than two in the same area due to the degredation of tissues in the area that the steroid creates.
I had the same deal with my rotator cuff, which then required surgery which was a huge success, and if anybody is in doubt about surgery or not...do it..life is so much better without all that shoulder pain.
Elbow surgery however does not carry as positive a prognosis, due to the poor soft tissue and blood supply to the area.