A:Answer Yes it does. I have all my personal calendars, pop3, am to, gmail and my work exchange on my phone and indeed I get alerts when any calendar has an appointment. I also have the ability to snooze or cancel from the watch instead of the phone.
For question 2 , I have not set up notifications as I would be 'bing'd' non stop, but considering that I can set up alerts at the application level I do not see why it would not.