Some questions about PE

Currently thinking about lateraling to something like BD or Corp Dev, or grind for PE recruiting. Talked to a buddy yesterday who managed to break into a decent MM PE firm after 3 years in banking. He will be doing buyout. 

A few questions:

1. I think buyout is fancy stuff because you get to at least witness first-hand how you buy and sell companies, and make a profit. My guess is you also get an idea of how to operate that firm? That gives you some great knowledge if you want to start your own company right? Or is that wrong? Or it depends?

2. If it's VC or late-stage growth, I imagine it's less technical, and you don't understand companies better compared to buyout funds? 

3. After breaking into PE, making bank (or at least okay $) while working relatively less hours in banking, do you think PE is where you see yourself long-term? 

4. Finally, is PE intellectual challenging? I know this one depends on the perspective, but still. Do you really get to learn the operations about the firm AND how to structure transactions? 

5. Where do you go after PE, if you want an exit? Please don't tell me you go back to banking, Jesus ducking Christ.