1. Yes. You still need to tuck in the edges with the plastic tabs, etc., but they're pretty easy to take off.
2. It won't easily fold down to the back, but you can take the entire top off, fold it all up, and stow it anywhere: back of the Jeep, garage, whatever. It will take some room up in your Jeep. This is the main disadvantage to this style of top.
3. Style, cost, simplicity.
A Regular soft top is more convenient, with the bows that lower everything down, and "control" the top when lowered and lifted. But that brings bows and pivots and hardware. And that brings some extra costs and complications.
I think it's mostly about style though.
Here's our brand, on a JK. There are competing brands out there: