They don't happen, no queuing. If Predicate is false, subscriptions to trigger events are removed, so the rule is not triggered at all. When the Predicate becomes true, the event subscriptions are recreated, and the rule will be triggered again. Even with subscriptions active, the last state of the Predicate is checked before any actions are run, and if false, the rule exits. Net: Predicate false means the rule is not triggered.
Correct, it is a strictly left to right evaluation, and once something to the left of OR is true, or the left of AND is false, it returns true or false and stops evaluating. Of course, you have to take into account parenthetical grouping, but this will hold true for any sub-rule as well.