To answer:
1. No, it's not ASR compliant, but you can mount it and restore it with Disk Utility as described in section 5 of the user's guide.
2. No, those comments don't apply. A sparse image is just written to, and isn't converted in any way. As you said, it's just like backing up to another disk.
3. No: you can't boot from a virtual disk.
4. With SuperDuper!, if possible. If not, you can follow the steps in section 5, as mentioned above.
Hope that helps!
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--Dave Nanian
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