Bandwidth
If my site goes over the bandwidth limit, what course of action is taken? Do you simply bill for the extra amount used?

MySQL Database Connections
I know there are unlimited databases, but how many CONNECTIONS? I've run into this problem where it'll say max_user_connections or something. So yeah, how many users can be connected to the MySQL database at any one time?

I've answered you about all of this questions in the chat.

1. You'll just pay over.
2. There is only 1 limitation: you can't use more then 8% of processor time per minute.

What happens if you do?

I've got an Invisionboard with about 20-40 active users at any one time.

You have to optimize your scripts or get any dedicated package.
There is no cpu limitations there