Are regions and features automatically created when creating a sub subtheme?
Yes, you will enherit everything unless you modify the page.tpl.php file located in /sites/all/themes/yourtheme/template folder.

The page.tpl.php file contains all block regions. Thus, you should modify this file if you want to add, remove, or move regions. 

If you want to resize or theme a region, it's all css. As you will see in page.tpl.php, the regions will have a div class or id.