Is it just a widgetized way to do what WordPress condition tags do?
Yes, essentially it replaces the need to core hack your them with such features.
Can I distribute this with my theme commercial or otherwise?
Yes, without further permission or requirements so long as the developer tag stays in tact.
Can I assign the same element to multiple widget zones?
Not always! We have tested it a few times where the widgets would have identical page and post ID's and it causes an error, each instance should be uniquely named to avoid this.
I have personally tested it with code for my Google Analytics and have not problems with the output.
Are there any linkback requirements?
Linkback Requirements and posts about the product are certainly appreciated but by no means required. With all of our plugins we do not add link back features by default either. :-)
Will it work with OpenX Advertising Code?
Yes, In fact the idea for this very widget was based on our previous phpAds widget which essentially did the same thing.
Requires: 2.9+ or higher Compatible up to: 3.0.5 Last Updated: 2010-7-21 Downloads: 6,244