1. How much does it weigh?
As pictured in this setup it is around 23.5lbs.
Barebones (no water bottles, cages, spare tube and tools) it is 22lbs.
2. I assume fairings are illegal and I've heard recumbents have better aerodynamics. Any thoughts on the matter?
This bike is fully legal for triathlon racing, but isn’t legal for UCI racing (time trials or draft-legal triathlons) due to its geometry. Adding any fairings to this bike would make it illegal for triathlons as well.
Recumbent bikes are in fact even more aerodynamic but they can’t be used for triathlon.