A1: I suppose it means the pilot, the navigation system, and the aircraft are FAA/JAA approved. This is why we have been trained/checked on the VNAV approaches this year, but still do not have authorization to execute them (other than as a visual approach)on the line. There are still some who haven't been through the training.
A2: That's what the training program teaches. The specific words on the plate say, "Only authorized operators may use VNAV DA(H) in lieu of MDA(H)."
A3: That is not approved for our operation.
I think the objective of the VNAV/LNAV approach is to let you off at the missed approach point with a stabilized descent. It does this very well. All that remains is to make sure you disengage the autopilot (if used) before you get more than 50 feet below the DA/MDA. The jet is trimmed and on a perfect glidepath.