More thread hijacking!
Over the long run, yes. But "smaller" miners will experience extremely high variance.
This is what I mean by "high variance." While you are on the active payout list, if P2Pool finds a block, you'll get paid--much more than traditional pools. But you if you are not on the list, you won't get paid.
This is exactly correct.
It's up to you. Most would leave as the variance would be too high (a long time before a payout).
Thanks for the quick response Carnth. I apologize for thread hijacking... Like I said, I just want to make sure I'm doing it right so that my meager hash rate can help NastyMining in some way.