1. Yep, most DVD players can play VCD as well. Check with your manufacturer though, just to be sure.
2. Here's a review (
http://www.dvd.reviewer.co.uk/news/feature.asp?Index=4234) of the discs, with some screenshots (
http://www.dvd.reviewer.co.uk/news/feature.asp?Index=4235) here. Quality seems to be so-so. VCD is really aging now, being replaced by the superior SVCD ( Super VCD ). Don't think the SW Triology is available in that format though.
Overall I would say VCD have about the same quality as VHS, although it depends on the source of the capture ( DVD, Laserdisc, VHS, etc. ). The SW Triology are Laserdisc captures, so they are pretty high quality for a VCD, although not as good as a DVD rip.