The good thing about these Bitcoin forks is that you don't really have to do anything if you don't want to. You can just forget about it and hold. You will own the same amount of Bitcoin for every fork out there.
Not in this particular hard fork. If you spend coins on the other fork, it can get replayed on the original bitcoin chain and you may lose your coins. Read my article about replay protection linked in the article.
You still own coins on both forks, but add a step to split them to another address you control on the second fork.
Unless the whole things implodes. Then I would have liked to convert something to fiat before it's all over.