1) Yes, and no... it can perform a series of commands like you described, but not when you press the VCR key. Pressing the VCR key tells the remote you are wishing to send VCR commands, and that puts the remote in the VCR mode. What you can do is use one of the "L" keys just below the device keys as macro keys that establishes the proper setup for watching TV, the VCR, DBS satellite, DVD, etc... Almost ANY key can be set-up as a macro key, not just the labelled "Macro" buttons. I've done this and it works great - I even have it set the TV to the proper inputs so DVD is always on S-Video.
2) Obscure keys can easily be set on this remote. Once you get it, email One4All and send them the device codes that work on your equipment. They will within a day or so email you back a set of "Advanced Codes". These advanced codes will often have codes that do the special functions you are looking for - and maybe some extras you didn't know you had! You can then assign these advanced codes to nearly any button you want. If the advanced codes don't have what you want, you can learn a command from your old remote and assign it to any key, not just the "L" keys (as the manual would have you believe).
3) This question is answered in a round-about way above.
The Cinema7 learner is a great remote. I have set mine up to easily take the place of six individual remotes. When visitors ask me if I collect anything, my wife can no longer answer "Remote controls"!