1) Yes.
2) A clean, bright terminal with some decent food and shopping at the center.
3) More than enough.
4) If you've got the flights confirmed then you're all set. Keep an eye on seat assignments and possible schedule changes, but you should be OK.
5) Dinner at departure. Breakfast 90 minutes before landing.
What cabin did you book the award in? If in business class you also get access to the lounges in ORD and MUC.