Well, I was reading things about music cache effecting battery life, and apparently anything above 9MB requires a frequent re-cache. The usual 5MB 128KBPS songs usually refresh the cache every 25 minutes or so. Plus songs (256KBPS) pretty much double file size, meaning they'll probably be over 9MB. So plus songs might give us a big drop in battery life for music, videos too, if you upgrade them to plus.
I don't think so. That was true for the iPod Classics, because they had a HDD. But this won't affect iPod Touches and iPhones. They have NAND flash, which is low power anyway. It won't affect it much, if at all. Maybe 15 minutes, max.