Firstly, if you want to know more about the course -
http://www.bio.cam.ac.uk/sbs/facbiol/mvst/courses.htmlhttp://www.bio.cam.ac.uk/sbs/facbiol/mvst/prospective.htmlThere's quite a lot of info on the Bio faculty site (which isn't that difficult to find). I'm not sure how much is restricted access though.
This is the clinical school's website -
http://www.medschl.cam.ac.uk/ A few clicks will take you to some detail about how the course is organised in clinical years and confirms that yes, there is an elective. Perhaps you've already found these but they do answer some of your questions.
I don't think anyone here could tell you if the course is more or less interesting than that at GKT - the only way you could tell is if you've done both... the Cam course is however very science based and there is some understanding required, moreso probably when you come to write essays. However, as I'm not a fan of rote learning so felt there was quite a lot of that (especially in Anatomy, apparently we have a comparatively difficult course in Anatomy).
The links above allow you to access timetables as well which will give you an idea of the number of practicals per week etc (use the standard timetable and pick a medical set to look at, the long form timetable is v scary). On top of this you will have something like 3 or 4 supervisions a week (about an hour) + supervision work + it's useful to read your lecture notes + to read up practicals beforehand.
I'd be 99% sure it's the school you transfer to. You will have a BA from Cambridge though.
Er, someone else might be able to answer this. However I advise getting a bike, not because it's monstrously far but because this will significantly reduce travelling time.
Special Options in second year though the choice isn't that great. See links above.
MIT is definitely very competitive as they only want so many over the whole year and you are competing with other subjects for places. I have a friend who got an (admittedly low) first in her first year and didn't even get an interview for the MIT exchange. PhD I don't know so much about.
There was a thread about this is the main forum recently. You have very long holidays in which to work in instead!!
Yes! (though right now I have a little bit of exam stress)