Yes, as soon as your bid is accepted, you'll get a screen that says "Your Price Has Been Accepted!". It will then list the hotel information, i.e. name of hotel, check in and out dates, confirmation no. and hotel request no. plus what you're paying per night and total charge with taxes and processing fee.
PL's policy is: "Once hotel rooms are purchased through priceline.com, they cannot be cancelled or changed by priceline or the hotel that accepts your offer and no refunds will be given. Priceline does offer
travel insurance for hotel reservations. Take a look at the policy information when placing your request as it may make sense to add it to your purchase. That way, if you have a qualifying event, you may be eligible to get your money back."
I've never gotten their insurance, so I don't know what the qualifying event would be but it might be worth looking into.
As soon as your bid is accepted, the money is deducted (within a day or so) from which ever card you've entered when making your bid.
We've used them a lot for hotel rooms and airline tickets and haven't been disappointed. We got the Renaissance World Gate (as did many others) for $35 a night for our trip in October. We got the same one last year and we were very pleased with the hotel.