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I'm sceptical at the moment. Will wait and see... looking forward to giving it a try, but the only way they could change Windows Mobile enough to make it good would be to rewrite it completely.
In theory it should work on Three, yes. Whether you can get all of the settings you would need to enable all of the features is another thing altogether, though!
There was a settings wizard online that supplied you with a CAB file with all the appropriate settings - but that seems to have been taken down now
Although the Generic HTC Firmwares I have seen recently appear to have a settings wizard built in too , this also works very well
Failing that , there is bound to be a CAB file for your requirements knocking around on XDA Developers forum