1. Correct
2. I'm not sure what threads you're referring to. Some people do have problems with the procedure (just like any modification).
No I didn't mean problems with the procedure, sorry I wasn't clear. There are a bunch of threads on XDA about the ext4 file system causing issues with NAND (like bad blocks). I'm pretty ignorant about it - I've only skimmed the threads. I just took another look and it seems that most are dismissing the "dangers" as much ado about nothing, so no worries.
Thanks for the ROM, will be converting to ext4 and flashing tonight.