Kevin, same as above. Initialize your system as I described above (your TPMS button is directly underneath the dashboard slightly right of the steering wheel, you may have to look from the footwell to see it).
If your set psi is 32 but you are running at 42 for whatever reason, then your light won't trigger until the tires are about 28 or so.
So for your questions.
1) Eventually, the multi-information display will probably tell you which tire is triggering the alarm.
2) It does already, when your cold-psi is correctly set and initialized
3) MAINT REQ'D light already does it (it comes on every 5,000 miles, rotate the tires then).
4) Well ... a flat tire does look like a butt, so not much you can do with that.