1. What is the sample interval? Based on graphs shown by it, it seems the interval is once a round hour. Is that correct?
Balance collects performance statistics every 15 minutes, and runs performance analysis at the top of the hour. Device discovery is at the bottom of the hour, except for vCenter discovery, which is dynamic (event based)
2. Is the data displayed simply a point-of-time picture of the performance at the sample time, an average since the last sample, or any other calculation?
The Performance Index and performance charts are based on the hourly analysis, some of the charts allow you to display the raw data instead.
Some more details are in this KB article.
What is the difference between Raw Data, Moving Average, and Daily Trend on various graphs in OnCommand Balance?