No. Subtext is a research prototype that is still far from being a usable language.
Yes.
The "Golden Age" programming environments of Lisp and Smalltalk first allowed programmers to live in a world of live persistent data. Self took this one step further by unifying the environment and the language around the idea of cloning persistent objects. Self's philosophy of simplicity and concreteness was a direct inspiration for Subtext. Subtext goes further by making the code itself as alive as the data. Rather than dead snippets of text waiting to be executed, code is constantly executing and transparent in full detail.
Visual programming is the idea of programming with diagrams, for example data flow diagrams consisting of boxes and lines. Though initially appealing, this idea has encountered problems in practice, such as the difficulty of comprehending large diagrams, and the effort of rearranging the layout of diagrams when editing them.
Subtext takes the position that both text and diagrams have the same inherent limitation: they are paper-based media. Subtext represents programs as complex data structures that can not be fully printed out in a human-readable form. Text and diagrams are used to interactively present the program, not as a source encoding of it. This is the same approach taken by WYSIWYG applications like word processors and spreadsheets. Subtext is WYSIWYG programming.
Unknown. Subtext is an ongoing experiment, and still lacks basic features required of a complete programming language. There are some reasons for optimism, however. Textual languages largely dictate their presentation, so IDE's are constrained to be fancy text editors. Subtext decouples the presentation from the the model of the program, freeing the IDE to innovate new user interface techniques.
Subtext 2 has been designed to be much less mouse-centric than the prior version. Although not yet implemented, it should be possible to do everything from the keyboard.