It actually works similar enough that I switch between Vim and Evil daily without getting annoyed. I usually use Vim from the terminal. The follow things you asked about are all working:
It is very actively developed and quite stable. There are of cause Vim features that are not implemented yet, but the core seams to be very well covered.
No, Emacs should be configured to your liking. The default Emacs keybindings (especially the more complex ones for common things) suck.
That said, you're still using Vim keybindings within Emacs and for some operations that Vim has no equivalent for you will need some Emacs knowledge. Also, some thing that Vim does have an equivalent for are easier to do in Emacs.
You cannot step into Emacs + evil-mode thinking you will never need to know anything else. You would be well advised to learn some Emacs basics and then help functionality.
For day-to-day operations like buffer editing you'll be able to use you Vim muscle memory.
I don't care. And neither should any other programmer. If ST2 is going to be abandonware a few years down the line like Textmate is right now, that doesn't matter at all to me. $60 for a piece of software that I spend 1500+ hours a year working from is a steal. If it gives me a 5% performance boost, I'll gladly take the afternoon and convert to it, whether it's open source or proprietary.
I currently use vim & MacVim for all my programming needs, because I'm at my peak of programming performance while using them. With the very quick turn-around on ST2's builds, and tons of features coming out every month, I'm strongly reconsidering a switch. Knowing vim is still invaluable knowledge for general sysops, but like I said, I'd gladly give it up in daily usage for something better.