Sahidahm,
Of course it's possible to fail. I don't know where you've trained before but there are certainly no guarantees that you'll pass here unless you reach their standards and fit into their way of doing things. Expect 6 months as a minimum and, no, you won't be current if you fail. Only you know if you're good enough to apply and take that 'risk' but if you're used to guaranteed passes just by attending courses then don't bother.
Ryan,
Are you going for the Subjective Question Award? The accommodation (note the lack of plural) is fine, unless you normally enjoy presidential palaces, in which case it's not fine. You will be accommodated close (ish) to Haneda (note the spelling) and Narita. Haneda while you carry out ground school and simulator training and Narita for OJT.
Try reading the thread because all your questions have been previously asked.