I'm looking to book flights for my honeymoon going Moncton-Amman the first week of October. There is a really cheap looking business class option with Austrian Airlines for the transatlantic segment.

A few questions:

1) Why is it so cheap? Only 70K for business class redemption. Is Austrian Airlines J cabin at least decent?
2) What is the difference between "Lowest Reward" and "Flexible Reward"? Price difference is 15,000 points.
3) I am AC SE - if I book this today and cancel, do I have the same flexibility even though the majority is on another carrier (do I get all my points back)?

Thanks for any help.