I would talk to a podiatrist if you want the full scoop. I have/had bunions on both feet and there's a lot of variety in the severity and how they affect you so it's probably best to talk to someone in the know.I will say that they do progress if not taken care of, which usually means getting custom insoles that correct your gait so as to stop the pressure on the tendon that results in bunions. They can be exacerbated by pressure, especially high heels, which is why the majority (but not all :)) of bunion sufferers are women, so try to avoid shoes that pinch or put undue pressure on your feet. If they cause you pain I would definitely talk to a podiatrist. Bad news is that there's no real way to "fix" it aside from surgery. Insoles can help alleviate the pain and stall the progression, so it's definitely a good option, but it won't ever revert to "normal."
I actually wound up having bunion surgery on one of mine because it was pretty painful and not really going to get better. You'll hear lots of horror stories about the op, but mine (and my sister's, done by the same guy) was actually quite painless and my foot feels great now. Had to take a week off work then wear a little boot thing for 3 weeks that keeps pressure off the ball of your foot, and after that it was smooth sailing. The most pain I had was actually because he wrapped the bandage too tight around my foot after surgery, heh. Pretty crazy to think about considering they actually slice through your bone/tendon, shave off the bump and realign your toe with a pin. Might have been my doc - he's in Minneapolis so that probably doesn't help you, but I'm sure there are great docs everywhere and the procedure has come a long way overall.
Hope that helps. Send me a PM if you have any questions. I'm not an expert, but I've been through it at least!