Newbie questions

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Looking for help, I don't own any iTunes digital movies, I've rented here and there before, but only new releases, Just had some questions I was hoping to get some answers on (I am located in Canada):

1.) When you purchase a movie from your apple TV directly, does it download it locally to the hard drive? or does it stay in your library accessible and you constantly stream it every time you want to watch it?

2.) What is the general quality like for 80's - 90's titles. are the HD versions much better than say a DVD up convert? I'm mostly looking to purchase titles that aren't released or OOP on blu ray and that will be better quality than a dvd.

3.) How can I price track for iTunes using this site?

When I get some time, I will try to attempt using the Vudu disc to digital service to see if I can get some dvd's that I own on iTunes using Movies Anywhere.