PostgreSQL failover and replication
slaves wont understand new master. you should manually do that.
yes they are different and you should create new ones for old master.however old standby will continue to work as a master but you should set max_wal_senders on that node. you should also set pg_hba.conf of the new master after failover.
after failover (when nodes changes roles master->slave slave->master), you should transfer new wal files to new standby folders data directory which you set in recovery.conf file. or simply you can use rsync.
may be you can use pgbouncer. this way you will just change the pgbouncer server adres to new master.
EnterpriseDB has some commercial tools. may be you can check them. 


and finally yes you are right. there is no single fully automatic solution to solve these questions.