Correct. Flows are round Robbin load balanced across the two links, taking bandwidth into account (Eg if WAN 2 is double the bandwidth of WAN 1, it gets double the number of flows).
And yes, it's is NAT'd using the WAN interface IP that it is sent out.
I would say it does the best it can with what it's got. In a perfect network it would be perfectly balanced. But some flows use a lot of bandwidth, some can spike unpredictably, some are tiny and open and close often.