Hi Nik,
Here are answers to your qs,
Q1) When we create a new pool and specify the new address for the member pool , are the nodes automatically created ?If not, then do they need to be explicitly created first ? Im wondering how Nodes are assigned names like 170.25.186.4%1,170.25.186.5%2, etc.
Ans: When you create a pool and you enter the pool members they are automatically added in the nodes list.
Q2) When creating a pool , Whats the difference/impact between choosing new address and existing Node List.
Ans: If you want to create the pool with the members having IP already in the node list you select "existing Node List" so you dont have to enter those IP's again. When you have to include the new IP's as the pool members then u select new address.
I hope this answers your concerns...
Regards,