The first point is correct => http://docs.oracle.com/cd/E26505_01/html/E28038/ggeew.html#OSTLUggeew
For the second one, all parts for LiveUpgrade are available with Solaris. The patches are there to fix problems and this is highly recommended to install it. The final result depends of the initial system configuration.
Because Solaris 11 is different in term of package structure and this version is a ZFS boot only OS, this is not very comparable.