F1 - H1 Conversion With Graduation Date Undetermined

Hi,

I am student currently pursuing my Masters. I plan to graduate by December 2012.
However, in the extreme case (conflict with advisor) my graduation may extend to spring 2013.

I have informed my employer about this. My employer wants to file a loose consular processing H petition for me.
The employer says that the petition will be valid for three years with a possible start date of October 1, 2012.
I do not have to activate the H status until I wanted to within its validity dates. The way to activate it would be
to travel to my home country, get the visa stamped and travel back.

I am a little concerned about this situation and would be grateful if some one could help me with these questions:

1. Where can I learn more about this type of delayed H1-B petition. (I tried searching but could not find any specific information)

2. Once the petition is approved can I travel outside the United States and still enter with the F1- visa ?
In other words, do I have to enter on H1-B visa if I travel outside the United States ?.

2. When does my H1-B visa actually start ? Does the time from October 1, 2012 to the time I actually activate the visa (by means of travel) count towards the total amount of time I am allowed to work on the H1-B visa ?

Thanks a lot for the help.

1. What is it that you are trying to learn?

2. Yes; No.

[3]. When and how will the prospective employer be petitioning for the H1B visa (by consular process or by change of status)?