Physical Therapist says ITBS

What is the Illiiotibial band?
The IT band is not a muscle. It is a thick band of tissue called fascia that starts on the outside of the hip, passes down the outside of the thigh and inserts into the side of the patella (knee cap) and the tibia, (shin bone).
Fascia is a sheath-like tissue that surrounds muscles. The ITB has the tensile strength of soft steel, which explains why it is so difficult to mobilize.
Lynda Wallenfels Coaching

All right after going through all that crap with the suggestion from the doctor that it was a meniscus tear it turned out the fine folks over at Training Peaks were right all along ... ITBS (Iliotibial band syndrome).

Finally got to see the physical therapist today who actually took the time to sit and talk with me about exercise history, routine, what I was doing when the injury started. What I was doing in the time leading up to the injury. He then offered a pretty logical explanation and description of the problem which was spot on... as if I would have expected otherwise. So he worked the leg for a bit showed me some stretches and exercises iced it and sent me home with a routine. Next appt. Thursday then 3 times next week.

If interested in ITBS check out this site:
Lynda Wallenfels Coaching