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It is being continuously updated on Steam.
Yes, but most mods for this engine involve the portal gun and I'm glad someone grew an imagination and created a new invention.
One slight problem that I had is that the protagonist got taller if I paused in the intro sequence, making many thing impossible. Also the dialogue didn't pause when I pressed escape, and using the scroll wheel to change the oriantation isn't exactly intuative. Other than that, though, it's a fantastic puzzle game!
Aperture Laboratories is a big company, but the only invention you get to see is the Portal Gun. I think it's pretty neat that someone is focusing on one of Aperture's other inventions. If it is set inside Aperture, anyway.