It works like this:
Once you are approved, you log into the Microsoft site, go to the link where the downloads are and almost everything Microsoft produces is available to you...yes, the Professional version (I don't think they allow you the Enterprise or Ultimate versions). Once you spot an application you are interested in you click the link to download and you also click the link requesting a product key. it's that easy! I have been a member of BizSpark for 2 years now and I've got Visual Studio Pro, SQL 2008 R2, Visual Studio etc....etc.. From my experience, I am only allowed two product keys for each software I request. That suits me fine!!
Yes! there is training!!!! I downloaded the one for Visual Studio and the one for BizTalk...this is truly valualble!! I plan to use BizTalk to synchronize my store's catalog every night and save myself a ton of work by eliminating the export/import and modifications of spreadsheets!
Good luck!