Daily, no waiver limit.
4 teams available as of right now:
Anyone with this owner in their league, beware. He is a known cheater. Ironically (with regards to his comment), he will disband leagues he's created mid-season if there are more skilled owners **absolutely owning him**, so be particularly wary of leagues he's commish of.
I don't know why Fleaflicker's position on weeding out these users seems to be so dishearteningly weak, but report if you can.