So I've put approx 300hrs into F:NV (on the pc and xbox 360 combined), 400 if you include my playtime on F3.

I bought New vegas on the pc in order to mod it and have completed a heavily modded playthrough, which reignited my love for the series but im now looking for something more.
Although i dont have F3 on the pc i would buy it depending on how well Tale of Two Wastelands actually merges the game together.

(before anybody says, i know i should ask this in a different forum but im posting it in a number of places to see what the general feedback is)
I have a couple of questions -

1 - Does It enable you to take a character from Vegas and play it in F3? OR from F3 into Vegas?

2 - How do perks and equipment translate from each game, is it a seamless transition? or do you have to leave a locker of gear at the entrance to each area etc.

3 - Modding, How do mods translate into each game. For instance can i install Project nevada into vegas and play it in F3? Will all the mechanics such as stealth fields/sprinting work etc?
4 - Transition. Ive seen you can travel between the two areas but overall how polished is it? Is the project nearing completion? Are there are huge restrictions im not aware of?

Any other details i should know about?

I realise this is a large amount to ask im just looking for opinions from people that have had first hand experiences with it or know a great deal more than me.
Id rather be confident of the sort of experience id have with it before i buy ￡15 into F3 only to find its not what its cracked up to be.
(p.s im not expecting anybody to go out and research for me as ive done a fair bit myself, just wanted to start a bit of a discussion on the topic)
Many thanks!