Yes, you can boot up the Pi without issues, just, as you have guessed, the WiFi won't work (or will have a very short range).
See this thread for details of what the part is and does: viewtopic.php?t=200759
The current Broadcom SoC is 40nm. The next Pi will probably use 28nm. Going smaller than that will make the price too high.
From what I can see it has very limited language support. I think I'll stick with my one which supports Postscript, HP/PCL, PDF and others. Sorry I can't help you.