As far as the forms saying "Visible System-Wide". We noticed this in the sandbox prior to release, but weren't sure what it meant.
Based on our very limited testing, it seems to mean that if a custom form is applied to an object that you have access to, you can see that form (which is what we want...
My coworker created this in the Idea Exchange regarding the inability to use capital letters in the Terminology tab. Feel free to up-vote:
We are trying to use the "going smoothly, etc..." field, or a custom field, as a Red-Yellow-Green status in a weekly report of all projects. There would be both a 1 page report for each project and an overall status of all projects with less detail.
We have similar reports now (built before I was ...