True, things like video watching / streaming, drawing, web browsing etc. will be fine. Though even light gaming is pretty much impossible and I wouldn't even bother trying. Biggest issue I can see right now is 4GB of RAM. It's just about enough for what I mentioned above, but in the future it will definitely be bogged down with background applications.
Yes I myself am not sold on the 2 in 1 form factor but I suppose it's ideal for a majority of use being light recreational use.
Eeeh, not too sure about this one, I suppose if you really want a 2-in-1 this would be good
Light gaming yes, the only game I've played on it is Star Trek Online and it will play it acceptably at 1080p with just above low settings, all those games are older so I would wager they will all play better, when it's working hard you can hear the fan working but at all other times it's silent.
It's roughly £50 for one stick retail but on trade I can get it around £20 brand new. Oh yeah it's definitely worth it but there's a mental limit on how much we want to spend. From the looks of it the bezel is smaller on the 530, it's probably thinner and lighter too. I don't expect there to be much else apart from the fingerprint reader and better battery management.