Yep, you can pass them around, they do have values, in fact, they can have different values for the same type sometimes. This has been the case since well before Java even had reflection - having them around is fairly central to the Java dynamic loading and security model.
Yes, although Java's reflection is somewhat of a pain in the ass and limited in many ways. But you can take a Class object and call newInstance(), and it will invoke the class's no-arg constructor.
When you define a class, say "Foo", instances of Foo are Foo objects. "Foo", itself, is an instance of a class named "Class" which is a direct descendent of the class "Object".
In Java's type system, classes are 'first class objects':