A. It can have it's own members area look if you setup a membership for it. It will have it's own look, however, the members area would share the domain from the primary site that the piggyback is attached to.
A. Yes, things do change. A landing page does not have the code for sending the form, so any forms on the page may not send and/or may not be setup properly if the page is not marked as a capture page.