No, the only similarity is that they are 8mm wide. The type of result depends on the film you put in the camera, not the camera itself. Cameras can shoot either. Yes, 40ASA, 50ASA and 200ASA reversal. This means that the image on the film looks as it is in real life.
Reds are red, the sky is blue etc.
The opposite to reversal is a negative. Generally no, as the cartridges are notched for different speeds and the cameras can recognise this. Check the instructions of your camera to see which film speeds it can run. Some of the really simple cameras will not accept the faster film speeds. The Super 8 colour films are all Tungsten balanced.