Hi and welcome to AF!!
To answer your question:
1) I would say it works fine but some people have had problems with SD cards. There is a conversation happening on this matter over here:
SD card problems.
2) As for your partition, I have never done it but this site has put up a little guide.
Link2SD – Upgrading Your SD Card » Technology Plus | Technology Plus
3)You can get FOTA updates. However, you will lose your root privileges and will have to start all over again...So personally I wouldn't do it.
I doubt the WFS will get any big updates such as the rom update (Going to ICS or JB). Mainly the updates that will come will be small updates here and there that the end user will not even be able to see so I would say it's kinda useless...But hey it's up to you