Center stand is my second-most-important accessory, after tachometer. You can clean and oil the chain, add air to the tire, check the spokes, check and change the oil, etc. with much less effort. Also, the bike on the center stand takes up less space in the garage.
To confirm what was said previously:
No, you don't have to remove the sidestand. They co-exist, and you can use either one.
There is no electrical interconnect at all. (There's not much danger of your taking off with the center stand down.)
It should not bounce noticeably against the stock exhaust. Follow the installation instructions carefully, use the little rubber bumper, and install BOTH springs--one inside the other--unlike what has been said in another post on the subject.
It'll take some effort to install the springs. After multiple attempts, this worked: I grabbed the C-shaped bar--which attaches to the springs--with vice-grips and pulled (or pushed) it to its attachment point on the frame.
After installation, the C-bar looks like it could interfere with the chain, but it doesn't because of the tension on it.
By the way, don't worry if you see the rear wheel spinning in neutral while on the center stand, especially after a cold start. This is normal.