To try and answer the OP's questions:

Support:  pretty much on your own wrt IBM, there are forums, and you can get 
general advice about the z/OS, sub-systems and applications in places like here 
of course.  In any case as it cannot legally be used for real workload, support 
shouldn't really be so much of an issue.

Identical to lpars:  sort of, mostly.  You can run up a z/VM and host multiple 
z/OS's or other z/VM's.  You can run coupling facility code and simulate a 
sysplex.  You can run Linux for z, either in a z/VM or bare metal.  I might be 
wrong (it's been several years since I had my hands on one), but IIRC they 
don't simulate the varying CPU types a true System Z can have installed, so no 
ZIIP/ZAAP or IFL as such.  There are several connectivity options, simulated 
CTC and other types of comms links (not my area of specialisation so I cannot 
recall the details) so you can have a network of them talking to each other.

Security:  They run real z/OS, and subsystems - CICS, DB2, WAS, etc etc - so 
they have RACF (though the ADCD z/OS software bundle supplied with them has a 
RACF database that is insecurely configured - this has been the case for many 
years though).  Of course the z/OS is hosted as an application running under 
Linux, so you have to consider the Linux security implications also.

It is an easy way to get some workload off the production z/OS box yes.  I 
personally don't think the support overhead is much of an issue - I used one 
for years and was happy with it, it's stable and just works.  Someone else also 
suggested that it was difficult to put together yourself - I disagree, after 
upgrading it with every z/OS release for a few years I got very slick and 
putting together a new one, and would have it built from scratch and all the 
z/OS stack installed in an afternoon.

As has been said before, it's basically IBM's answer (and not a bad answer 
either) to the alternative emulators that once existed in the market such as 
MP3000, Flex-ES, PSI or Hercules390 and it's built using a very similar 
approach and technology.

Hoe this helps - cheers, Mike

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