Object Editing mode

First off, I must say the implementation of the Object Editing mode for vector shapes is a very impressive feature, I didn't see that one coming(though I had dreamed about it :)). But I'm curious as to how it handles a few things:

When one clicks the 'edit as objects' button, how is it set? Is it set individually per shape drawn? Is it set individually per layer? Or is it a global setting that affects all layers/shapes in the document when toggled? Does it only affect shapes that are being drawn while it is on? What happens if you draw some shapes in 'object mode' and then later switch object mode off, do the objects drawn in object mode get flattened? How do you edit a 'object' vector shape after it's been drawn? Is it like a group, or a symbol, or something new? And an important question: does object mode preserve anchor points? One of the biggest headaches of the traditional Flash drawing style is that anchor points are very morphic: you move a curve handle, and once you de-select the object and come back there are 4 new(automatically created) anchors to define the curve, making re-editing impossible. Even using the pen tool, after creating some points, you come back and Flash has added tons of new points where it pleases.

I'm pleased that this is a mode that has been added, and not replacing, as Flash's weird traditional 'loose' style had some incredible benifits when desired, and I'm likewise very pleased with the implentation of a more standard 'object' based mode(the combination makes Flash an incredibly unique vector drawing tool!), but I'm just very unclear as to how the new object mode is implemented.

Thanks to anyone who takes a stab at all those questions!

When you turn it on using the toggle button, any shapes you draw, are drawn inside of a group. Wheen you turn it off again, shapes that have already been drawn are not affected in any way. To edit a group, just double-click on it.

Simple enough and a great step in the right direction. Sounds like the Flash drawing engine isn't any different, this is just a handy tool to group eveything you draw. And what about the anchor points issue? Any changes there? (If you're not sure what I'm talking about, draw a square, select Subselect tool(A), select a corner, alt-drag to create a curve, then select the entire object by double-clicking with the select tool(V) and move it. Now go back to Subselect and select the whole thing to look at all the intermediate anchor points that have been created. These auto refined anchor points are created all the time by Flash, even by simply undoing an action, making vector modeling impossible. Being able to have 'solid' anchor points would be a huge plus).