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1. would take an entire thing to explain it but its actually simpler than it looks. It just take a long time to explain.
2. It's about the same as regular wizard. Some neat tricks like a standard summon monster action.
3. No, at least not for a wizard. Wizards already all the tools, yes you could learn to use the system but you can already do everything it does and add all the spells to your spellbook...so no need for it.
Sorcerers benefit much more from this, since their limited spell list, suddenly becomes incredible with the words and top of it, bloodline spells added to their word spells. So they still get regular spells with word spells.