Right now, the replay feature lets you look at all the games you've played, or at the game other people have played recently. Unfortunately, this leaves a significant gap: replays others have played that are more then a few days old. When I searched for a several-day-old replay of mine in the general list, it didn't show up. Since replays are useful both for illustrating relevant points or just as a way to show people an entertaining game, the current limitations on replay display are kind of... limiting. I hope to see more options in the next update!
They sure are planned. The current replay list is completely unfinished. In the meantime you can find replay links on PA Stats, if you use it.