Makes managing your blog with two languages less cumbersome.
No. Basic Bilingual gives you the possibility to write short summaries, or a complete translation of your posts and pages, in other languages.
Yes, since version 1.0!
Yes, there certainly are. My approach is to keep it simple and minimal, so that it works. I've been blogging bilingually since 2000, using the method this plugin reproduces since 2004.
Translating everything is just too hard. Giving a brief summary allows people who don't understand the language you're writing the post well enough to at least know what it's about. See my work on multilingualism online for more explanations.
This is a problem up to version 0.3, sorry. See Mark's explanation and download 0.31, which should work.
Yes, unless you are using the "Use Language-Accept header" option. In that case you'll need to use the template tags and enclose them between
mfunc tags (see you cache plugin's documentation about how to use those tags).