I can answer one of the three. Actually I can answer 2 of the 3 but question 1 is a somewhat loaded question that you will get a number of opinions on, so I'll just stick with number 2.

2. It depends...

But seriously, it depends on the place. In Las Vegas you can buy chips from the cage and the releases that I have been to are from the cage. In Atlantic City it is the opposite. You cannot but chips from the cage (right now). So when they have a release, they will either place the chips on a specific table (and the line will form there) or they will be spread throughout many tables in the casino.

Other jurisdictions vary depending on the state laws.