ТАКОВ is a short form of ТАКОВОЙ, which generally means such, the same, above-mentioned.
Now answering your questions specifically
- The main meaning is "such" that might be used as a name-replacement in a bureaucratic documentation, although in a full form ТАКОВОЙ, ТАКОВЫЕ: "К протоколу прилагаются их объяснения и замечания, если ТАКОВЫЕ имеются." - ... if such are available.
- In the previous meaning - yes, fully. Using ТАКОВОЙ makes the sentence much more formal.
- As to the spoken language, there are a couple of idioms with ТАКОВ. "...И был ТАКОВ" = скрылся, убежал (иронически) - in case someone did or said something and then suddenly disappeared. "Каков поп, таков приход" = everyone gets what it is worth of. The last frequent case I can think of is a statement of the type "ТАКОВ ...": "ТАКОВА судьба" - such is our destiny, "ТАКОВ человек" - such is the man (human nature), "ТАКОВЫ факты" - these are the facts.
- Sure, ТАКОВА.