No it doesn't. It allows you to use the camera in a Shutter+Aperture priority mode, something that a few manufacturers offer (Pentax with the Sv mode) and that's incredibly useful.
Yes! I use it for long exposure stuff.
On the D90 I set my max ISO to 1600 and minimum shutter speed to 1/30.
P: I have control over exposure comp by holding the +/-EV button and turning the thumb dial. I have control over my minimum ISO by holding down the ISO button and turning the thumb dial. I have access to program shift by turning the thumb dial, for smaller aperture/faster shutter (autoISO settings permitting).
S: I have control over exposure comp by holding the +/-EV button and turning the thumb dial. I have control over my minimum ISO by holding down the ISO button and turning the thumb dial. I have control over the shutter speed by turning the thumb dial.
A: I have control over exposure comp by holding the +/-EV button and turning the thumb dial. I have control over my minimum ISO by holding down the ISO button and turning the thumb dial. I have control over the aperture by turning the front dial.
M: I have control over exposure comp by holding the +/-EV button and turning the thumb dial. I have control over my minimum ISO by holding down the ISO button and turning the thumb dial. I have control over the shutter speed by turning the thumb dial. I have control over the aperture by turning the front dial.
If I want manual ISO, in any of these modes, I can do that by turning the autoISO off. Unfortunately there is no dedicated button to do this on the D90. I have autoISO available in my "My Menu", which I access by pressing the FUNC (custom) button, located next to the lens.
I wish there was a dedicated auto/manual ISO button.
Also, the D90 does not change its autoISO minimum shutter speed according to your focal length, like the 5DII. The 5DII can change the minimum shutter speed, depending on what your focal length is. This is very smart, as it's easy to hold 1/20 at 28mm (as in 28mm on an EF/FX/35mm), but not so easy at 70mm. At least the D90 takes whether you have VR on or off into account, when it's doing its autoISO thing. And I can always select a slower or faster shutter speed by turning the camera to
S.