TailPilot, here's a link to
Garmin's "ADS-B Academy" web site. Lots of good info, even though there's also some Garmin advertising in there... You can probably get answers to most of your questions there.
For what it's worth, I'm based on the other side of the DFW metroplex, and I jumped on the ADS-B Out/In bandwagon very early. I have an in-cockpit display for traffic and weather. The weather stuff is very nice, but the traffic info has probably saved my bacon at least a couple of times.
Last Saturday, for instance, I was doing some performance test flying (new-to-me experimental with not much "documentation"). I got a traffic alert indicating an airplane was behind and above me (tough place to see in a high-wing airplane) and descending on a converging course. Even without seeing him at first, I was able to maneuver so that our courses diverged, then spotted him and watched as he flew right though the airspace I would have been occupying without the "alert"... That traffic alert turned what could possibly have turned into a midair or near-miss into a non-event.
Fifteen minutes later, I was approaching Sherman (KSWI), and monitoring their CTAF. I heard a Cessna reporting that they were on the 45º entry to downwind for landing 16. No matter how hard I looked, I could not see him. Then I took a closer look at the iPad's traffic display... I could see an airplane (with matching tail number) that was almost 5 miles away from the airport. Once I "saw" him on the iPad, I was able to find him visually, and realized we would be arriving at the 45º entry point at just about the same time. I made a 360º circle to safely sequence in behind him – all without having to raise anyone's blood pressure...
That last one wasn't a "life or death" situation, but it certainly made it easier to safely enter the pattern without conflicting with the other guy – despite the fact that he wasn't a little "off" in his position reporting. Listening to that Cessna pilot, I came to the conclusion that either he was a very new pilot, or was a student receiving flight instruction. He stumbled over several radio calls – correcting himself a few times, and he used up a LOT of that 4000-ft runway with his landing. Rather than adding to his possible anxiety, because of ADS-B traffic visualization, I was able to make a small change to my entry that removed any "tension" from the situation.
If you're flying in the DFW area, ADS-B Traffic is HUGELY beneficial, in my opinion!