You can find this in the source code, but all of this is stored in the database file, which is a bog standard sqlite database. You can download http://sqlitebrowser.org/ for OS X or an equivalent from Windows and see what exactly it is doing. In addition, if you enable debug logging from the userProfile.json in your profile, you'll get to see every transaction your client accomplishes. When you see a transaction you want to learn about, copy and paste the text, go to the github repo and search for that text. It will give you exactly the circumstance where / how that transaction happens.
Seems like it. The dev promised an update to fix connectivity issues and never delivered. I've been keeping an eye on it, but I haven't seen anything. Some other people were offering to help, but the dev wanted to do it solo.
If you're interested in a similar project, but that's open source, actually works, and is damn cool (and more than just a reddit clone), check out ZeroNet. It's a decentralized web that uses bitcoin addresses as the URLs. All the sites are hosted by the people who visit them and want to keep seeding. Domain names work through namecoin. User accounts are tied to a bitcoin address, and then linked with the ID service. But you can make your own and have that used on sites. It's pretty cool.
There's already a reddit-ish type site, and websites are infinitely clonable. The reddit clone, "ZeroTalk" has been cloned a few times to effectively make subreddits. And the whole network feels like time has been rewinded back to the geocities/myspace days where everyone has their own little site. It's amazing and everything I'd hoped from Aether, but with more.