2. If I am "offline" (no internet accessibility) is it true that in as little as 7 days all of my Cloud licensed applications will be revoked even if my Monthly subscription is up to date?
Per the Creative Cloud FAQ here http://www.adobe.com/products/creativecloud/faq.html under General information the answer to question Do I need ongoing Internet access to use my Creative Suite applications? the anwer provided is: "Because your Creative Suite applications are installed directly on your computer, you will not need an ongoing Internet connection to use them on a daily basis. However, you will need to be online when you install and license your software, and at least once every 30 days thereafter. The software will alert you when you need to connect to the Internet for a license status check." The license status check has a 7 day grace period. So you just need to check in once every 30 days.