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C&R means any "firearm" that is 50 years+ old- including centerfire.
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Pretty much. It is mostly for old military surplus rifles and pistols. There are some rules. The gun must be unmodified. For example, a Lee Enfield in original condition can be shipped direct to me because I have a C&R. If this same rifle is 'sporterized' it is no longer C&R eligible and I would have to use a class 01 FFL to complete the transfer.
There is a C&R section here, lot of info on what you need to do to get a C&R. Just about anyone can, non felon and $20 or $30 for two years lic. You have to keep a "bound book" a written record of all the C&R guns you buy and sell. The BATF has the right to come inspect your C&R address at any time. They do check on us small time C&R folks. They check to see if the paper work is correct and up to date and as long as you do it right it's not a problem.
If your into mil-surp stuff a C&R saves you a ton of money on transfer fees. A BIG plus is most places like Numrich, Brownells or Midway well give you a wholesale account if you send them a copy of your C&R. That's a 20-25% saving on almost all items. I bet I saved over a grand the first year I had my C&R. Get one.