Most of you questions were answered in my review (the very first post of that thread) but I'll clear them up for you:
1: I't can be a card, a name (but try to stick to the initial or short words
!) or anything else (letters and numbers, maybe basics shapes)
2: I don't know how to answer this without exposure... sorry!
3: At my very humble opinion, this trick gave me everything I was looking for when I watched the preview. The reaction are great, but you can make them even better with your acting (Acting is a BIG part in it), so yes, it is worth every penny. I read it could be found on various magic books, but it didn't bothers me having spent about 30$ for it. The effect is really great and Wayne Houchin's explanation and tips are really helpful...
Hope I cleared that!