A:AnswerYep! It works well for text, screening incoming calls, and controlling music on your phone. It will not pair up to make or receive phone calls through the watch.
A:AnswerNo, the phone has to be close to you in Bluetooth range. You can not speak on the watch, it shows you who is calling and you have the option to answer the call, but will then need to use your phone to take the call.
A:AnswerYes you can. They recently added that feature to Android Wear that gets automatically updated when activating the watch. The Asus Zenwatch 2 has both a speaker and a microphone and supports dialing out from the watch and talking to people straight from the watch.