Could someone please clue me in on IntSet?

1) Does the fact that it's implemented as a bitstring mean that it's a 
dense vector that takes n bits to store values from 1:n?
2) Does this also mean that search and insertion is O(1)?
3) What are common use cases for IntSets?
4) Anything else that's interesting (good or bad) about IntSets?

Thanks.

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