If yes, then a languages bar will appear on the page. The page still needs to be set up and marked for translation.
Components are used to define the "scope" of the project -- what stuff is included. It's a tool to help you structure the project. The support level indicates whether the component fully falls under the project, or partially, or not at all -- if you need to explicitly exclude something from your scope.
Place status updates below. They propagate to the main page and you can also display them on your page via the