1) no, as it is just a piggiback module, and the whole computing process still takes place at the EEC.
2) No, it just changes the programming, the EEC still performs all tasks like managing the acuators and reading the sensors output.
3) The main drawback of a replacement EEC is a steeper learning curve, other than that i dont see any.
If you want more freedom, choices and lots of performance i would probably select the GEN7 DFI. Thats what most pro's use.
For a street car, the Tweecer will do just ok.
some GEN7 info:
http://www.rancefi.com/gen7.htm