For first part of question - It is up to your browser (its implementation and configuration) if the response will be cached and when will be revalidated. The only (standardized) difference between browser behaviour with validation headers and behaviour without validation headers is that former one can reduce traffic with server using validation.
Second question: Yes. Browser will cache resource but every time you open the page browser will ask origin server if resource was not modified. If not modified server will respond 304 and browser will display cached content. Otherwise server will send new content.