It'll be released when it's ready.
It will be limited to a few slots (like in most other online games). Yes, if you wish to use it as a cheat and pass on information to one of the teams via teamspeak or whatever you'll be able to do so (again like every other spectator camera I know of).
It's a small price compared to its benefits for the community.
We'd like to feature a "game recorder" in the future but it's not something we're looking into at all at the moment (don't even know if it'll be doable yet).
- Trusty