Some of it. The last update did quite a bit ( see http://support.apple.com/kb/HT4589 ), but they still have a ways to go to replace the previous version.

Some points, yes. Unfortunately, at least for my they have stated that they won't be bringing back the features that kill it for me (tape support.)

Tape's probably still used for a lot of work and will for some time, but it will be like bringing back the floppy disk:

http://collider.com/film-camera-production-ended-arri-panavi...

http://arstechnica.com/gadgets/2012/06/the-silver-screen-no-...