I can help with the first part.

I believe it can record complex macro's onto the key but it is against the TOS and will get you banned. It is very easy to detect this server side. The best thing to do is just program the keys and use the Macro's in wow or Trinity3.

Just think of an Xkeys as a normal keyboard but you can choose the keys you bind. There is a nice guide here in the forums about key combo's that are available for use. It's mostly the SHift Alt combinations of the function keys with a couple of exceptions, ie Alt F4....