After a few days on Steemit some Questions have emerged.
STEEM POWER - What are the advantages and Disadvantages?
STEEM POWER encompasses the point of 'Give as You Would Like to Receive'. Better support is provided to Authors - In Up-Voting posts We provide more support/value/money for Author and also give ourselves a better curation reward. My understanding of the split between Author and UpVoters is a 75% to 25% split. 
CURATION REWARDS - How does this work exactly? Is their an exact number formula?
CURATION REWARDS and STEEM POWER - What is the purpose of turning down Steem Power when voting? Isn't Steem Power unlimited....meaning, in the sense that it doesn't deplete?
WHEN SUBMITTING A STORY
REWARDS: Power Up 100% or Default 50/50 split or Decline Pay Out
How does this work exactly?
PowerUP 100% - Does this means reward is entirely in STEEM POWER?
Default 50/50 split - Does this mean reward is half Steem Dollars and half Steem? Or is it a split between Steem and steem Power?
Decline Pay Out - What does this mean?
How exactly does Steem Dollars relate to Posts?
Is it that all posts are calculated in steem dollars and based on your choosing Power Up 100% or 50/50 or decline payout?
Your ideas about Power 100% and 50/50 split are correct. "Decline Pay Out" means you choose not to be paid anything for that post.
It's a good idea to power up and get a lot of Steem Power if you want to invest in the future of the blockchain. The main benefit is that you will earn more money from curation rewards as your SP goes up. The downside is that it's less liquid than Steem or SD.
thank you
Steem power allows you to vote, without steem power you can't vote. And the more steem power you have the more influence your vote have.
You can chose to receive rewards 100% in steem power but this won't affect the payout amounts, you will receive the same payouts but all in steem power.
Yes, if you want to earn the max curation rewards you need to vote on trending content before anyone else.
To prevent people from voting too early there is a rule where the best time to vote is around 30 min after a post was published.
thank you