In answer to your questions:
1. Yes, there are advertising spaces configurable in the form of widgets as shown here on the
Vantage admin demo (sidebar and ad banners). On a related note, there are more options also available in the form of optional add-ons available in the AppThemes marketplace such as
Logic Widgets.
2. Yes, the responsive design and code means that Vantage changes layout for optimal viewing on any device.
3. Not so much in terms of listings, however as is noted on the
import page there are geocode request limits which are related to Google which you can read more about
here.
4. You can change some of the URL information as per the
permalinks settings page, but anything outside of that would essentially require customization on your part.
5. Yes you can enable or disable events functionality from within the Vantage admin dashboard settings.
6. Yes, you can create custom forms for listings if you wish, and this will allow you to add fields relevant to categories.
7. By default, users are required to register before they can leave comments/reviews, so this too would require customization. Thanks.