1) Update description will not only be the place to get exaustive information about the update. It will be more likea quick summary about the path, what it includes, list of bug etc. There is also a read more link post description which is meant to point to an online doc(technote with detailed information about it. Since this is a beta update and not released product we don't have a technote associated with the one released( but there will be once there are updates released for final release)
2) Its was a monor issue at our end where decription in hotfix installer was different then information pusehed online. ideally both will be in sync.
3) the current hotfix only has fix for bug 3117366.
4) Each new hotfix released will have incremental update level. This prevents from installing an older hotfix over newer one, and also helps to quickly identify what is the patch level on server. So you can check update level in installed updates tag and get information whether a particular security/bug fix was actually applied on server ot not.
Hope this helps to solve some of the confusion.
Good to hear that you gyus are liking the feature .
Adobe ColdFusion team.