Training location depends on what a/c you get (72 or 10). All of the 10 is in MEM and most of the 72 is in MEM, with some offsite in Miami and Orlando (don't know the status of Minneapolis and Dallas). As for what airplane you get all depends on the last 4 digits of you social in your newhire class, highest going most senior. There have been some classes with 72 FO seats available, but mostly all 72 and 10 SO positions.
Length of training is ~2.5 months, which is long (at least for me). As for schedules, there is a big difference in airplanes. The 72 is moving quickly due to the number of newhires coming on board. I have held a line since IOE and am sitting around 50% now. The 10 is a completely different scenario, with all of my newhire class still on reserve with no end in sight. Reason being is that the 10 is going away (being converted to md-10's) and the age 60 retirees seem to flock to the back seat of the 10, which makes movement in that seat non-existent. There is an upside to this of course, as the 10 schedules are much better than the 72 schedules (single leg vs. multi-leg, etc). Also, if you live in MEM, life is good on reserve in the 10 (just ask HoursHore).
The schedules vary greatly, there are many, many combinations you can choose from (night, day, DH's, weekends, single day to multi-day trips, am and pm out and backs, etc). It all depends on what you want to do.
Commuting is different strokes for different folks. It all depends on where you live. Being a northeast guy, I have a bunch of options regarding fedex planes. If you live in high density military places (JAX, COS), it is definitely more competitive. As for offlining, the CASS system has been great.
As I stated before, movement is happening right now. The last bid, pretty much anyone who wanted a wide body slot got one, either in MEM or ANC. 72 FO slots were also available to anyone who wanted them. I flew with the bottom of the list 72 capt the other night, he has been here a little under 4 years.