Re: I find this stuff fascinating but I'm a total idiot who knows absolutely nothing...
#1 no, the have entangled properties, but the properties are created in the entangled common source. There is no communication ('information transfer') between the particles.
#2 no, think about the two particles as a single two-particle state of matter. The matter wave is as large as the distance of the two particles -- and once you measure a property of the wave at one point, you also know about some properties of the wave at another point.
#3 yes, the world is composed of entangle particles. But for an object of macroscopic size , the complex entangled (quantum mechanical) properties average out to classical properties, hence we cannot predict them. So even though the answer is a yes, you might pretend that the answer is no and you wont miss anything.
#4 this point is related to #3: we cannot predict observations on the level of the universe, so you can hypothesize all you want about local or non-local properties and nobody can prove you wrong.
Hope this helps.