Yes to both. Terms of service are as they are expected to be at full operation. There is no contract or commitment but the equipment has a cost and the $99/mo is the standard subscription cost.
I wouldn't jump in like this with most things but having lived in a rural area with very, very limited ISP offerings for 5 years now and relying on Internet access for my work it is worth it to me to get in early even if I have to put up with sub-par situations for a short while. It's a calculated risk because if they ramp up later this year as expected the potential for delays in getting equipment may be very real. To have access to 150+Mb/s service with truly unlimited data (versus 40-90Mb/s and the constant threat of throttling or outright discontinuation of the Mobley plan) is worth it to me. I'm not parting ways with my backup ISP quite yet (DSL), but I will within a month or two. And the cost of the Starlink service is a wash with that, but with dramatically better capability (150+Mb/s vs 5Mb/s). SpaceX has already had 25 launches of Starlink satellites (60 per launch), including 9 already in 2021. They are at just under 15% of their total planned sats right now so I think the situation is actually pretty good considering that.
I'm sure people will drop by to say "that's stupid that you are paying for a 'beta' situation", but so be it. This is one of the most significant game changers to us that we've been looking for since moving here and I'm OK with the situation.