@ #1. Currently, we're "emulating" the Trial of the Crusader patch on 3.3.5a - which means that is the current available content, but how talents, spells and etc. work are based on 3.3.5a. Additionally, the dungeon finder is disabled, which is technically blizz-like until Icecrown Citadel's release, but we're not sure if we want to release it. And lastly, we have buffed the difficulty of most WotLK bosses (more HP and damage) so they pose a more proper challenge to players, seeing as how it is 6-7 year old content. Other than those things mentioned, it is very very close to how it was like on Blizzard. Some minor bugs here and there, but nothing very big.
@ #2. Yes. I referred to this in #1. Currently, the highest available raid is Trial of the Crusader. We will probably release Icecrown Citadel sometime in Q1 of 2017.