A few newbie quesions - sorry for the long post

So, I've finally decided to give affiliate marketing a try. I've been doing research for a couple of weeks and I think I have identified a good Niche. However there are certain questions I could not find answers to. I would appreciate any help and sorry for the long post.

For the sake of this post and to illustrate my questions, lets assume I've chosen the Android mobile phone niche. Now, from the various amazon affiliate site that I have seen, they have a bunch of pages optimized around a few monetized long tail keywords. So an android mobile affiliate website would have pages like: Best android phone, best phone under 500, most powerful android phone etc. Each of these pages then review a bunch of phones and point to amazon. They would also throw in a few articles to flesh out the site.

Q1. Am i correct with the above synopsis? Or have I missed some a strategy?

Q2 Website Name - With these niche sites I've seen their name reflect the main monitory long tail. e.g using the example above a name domain name would be like: bestandroidreviews.com . However with my website I want the name to be.. well...classier..if you know what I mean, however still related to field. e.g phone-tastic.com (i know not the best classy example ) instead of bestandriodphonereviews.com. Will this hurt my page rankings? the fact that the money keyword is not a part of the website domain?

Q3. I've also notice that most of these website have a hompage with some text explaining the website and then a bunch of links to secondary keywords. It is imperative for the homepage to have all the relevant keywords in the body? What if I want a minimalistic homepage with a few links for the relevant articles/reviews/products? not too many maybe 4-5 leading to the main sections within the site. Will this hurt my google ranking?

Thanks for taking out the time to read what must come across as babble. Regardless, I will appreciate any help.