Yes, I do quite a lot of fox control and found the illuminated dot a real boon. I have a couple of S&B Zenith Flashdots for woodland stalking and dangerous game, which use the same principle. The dot shows as black, hovering between the stadia. There's no point in getting a fat reticle (No 40) if you're also having such precise illumination.
Yes, you dial in with the Zeiss, as you would with a Nightforce.