Hi Stef, In answer to your questions:
1) The default category view for the theme is how you see it on the
Vantage demo, so yes this would include the name, phone number, and address laid out in the format you see it. The featured listing appears in a different color to the others, at the top of the listings.
2) If you're looking to change the default view further than what you see on the demo, then yes this would require modification of the theme on your part. How easy this is, is relative to your level of coding knowledge, but in a general sense making changes to text isn't difficult, it's the specifying of text based on customer membership type which may be more complex to code in.
3) Currently Vantage does not allow listings to be added to multiple categories, but this is something we are looking at for a future release of the theme. Thanks :)