The experience is amazing and overall positive, you get to know a lot of cool people, learn a lot, experience other cultures and have the resources to make your startup better.
Answering your questions I can say that the required events are not time consuming and a good opportunity to meet and connect with other people. You can skip a few events if you are busy, but its good to stay in touch with the other teams.
The maximum salary that you can take is enough to do the regular things (buy food, transportation, night life, etc). That salary plus the money to pay rent is enough for a decent stay.
Finding local talent with English skills is not that easy but you can do it. I've seen some teams that were able to get good talent fast, for some others was difficult. I wouldn't say that its going to be easy, but they are there, you can find good ones. The salary of a intermediate web developer may go from 500-1000 dollars a month to 2K or 3K (for some super experienced ones), it all depends on the conditions and the experience of the web developer.
The only "not-so-fun" part about the program is the reimbursement process. You have to fill a spreadsheet and gather all the receipts and bills, somethings some items get rejected because a paper was not the right one, etc. I don't say "bad" part because its a more than fair price to pay (and completely understandable from their point of view, trying to control that you are not going crazy with your money) to be a part of the program and get the money. I rather go to a reimbursement process than to give equity for the 40K.
Here's an article from a round 1 friend that explains some other things: http://bit.ly/IkBzo5