I've recently had a chance to test this. For the question on how they are launched, I posted about it here http://www.solutiongrove.com/blogger/2008/11/10/using-adaptive-curriculum-activity-objects-inside-moodle With regards to tracking of student data, I was only able to test a sample activity and it's properly recording stuff in the scorm related tables in the databases by means of the stock SCORM 1.2 API provided in mod/scorm. This particular activity doesn't do any scoring as far as I can tell so I wasn't able to test that part. But I guess it will work properly as long as it's doing the proper API calls.
Teaching with Moodle
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