<1. Will my penis be the same as it is now, just bigger?>
Well this one is really on how well you do your routine. A well balanced PE routine will not only make you bigger, it will also improve you overall penile health. You most likely will also develop a more muscular look. You do have to watch that if you overdo a type of exercise like jelqing, you may over develop the upper part of the penis. There is ways around this, ulis and hanging can help over come this effect. Uli workouts are considered advanced techniques.
<2. Will I loose any sensation… that I should be worried about?>
I have had loss sensitivity at first. This is a sign of over doing it and if you follow proper precautions and not take it to the point of injury, it is short lived.
<3. Once I reach my goal size, can I stop doing the exercises?>
Yes, but the gains you have made that has not been cemented will be loss. A light maintenance routine can help you finalize any gains you made and also helps with overall fitness of the penis.
<4. I know that the size is gained because of scar tissue, but does that mean anything? Like will my penis be damaged?>
It is not growth by scarring! PE, if done correctly, provides a health state for your penis. The theory behind jelqing is you slowly stretch the tissue with forcing blood into the penis in excess. This will not scar the tissue if you follow precautions for safe PE.
<5. How long will it take? I want to gain about 1.5 inchs and about .5 in girth>
Them goals are modest. If you dedicate yourself to a sound routine you can have that in 6 months to a year or maybe earlier. PE is not a science, and no two people gain the same. You have to find what works best for you and then stick to it.
<6. Will PE do anything else for me other than make my penis bigger? ie: more sensation better/harder erections, harder ejaculations>
Well, yes, yes and yes!
Have fun and read all the material here in the forum. It basically has everything you have here and if you do a search on any topic, most likely you will pull up many post on it.
Modemmer.