Chain mulcher is actually a more accurate name for it. You'll actually find more results searching by that name.
It does mulch fairly good and since it tends to rip/tear the material apart, rather than a clean-ish cut compared to the blades, it slows the growth of the brush down.
I deal with uneven ground all the time. It just don't care. You'll see an huge cloud of dust when it hits the ground, so I just lift it. I usually have my hand on the 3 pt lever on these areas to quickly raise the cutter, as it sometimes pops the shear pin.
As far as cutting height, it's adjustable using the skids/skates (?) on the sides. I have 3 positions on mine, lowest being about 1.5" tall and the highest being 3.5", more or less.
I used to run in the lowest setting but due to the uneven ground I usually work on, it did wore out the chains faster than it should. These days I keep it in the middle position.
The chain shield is there to prevent debris from flying and hurting someone or damage something. It's the only type of shield I want on a brush cutter and have no desire to remove it. It works very well at containing the debris and it just lasts a lifetime pretty much. It does need to be correctly built as I've seen some cheap cutters with shields that had the short chains split apart to much that makes it pretty much worthless.
Here is a video if you're interested. Just to show how it behaves and mulches the material. This is an old video and it was the first time I used this tractor and cutter, so I was going slow. Also, on a land I had no previous knowledge and was on a hunt for the limits.