>>1
I'm an agnostic on both, but you are right, the fossil record fits both almost the same (though it might favour multiregional slightly). Despite that, I still generally favour OOA.
>>2
Genetic evidence points pretty strongly to a common African ancestor.
You are parroting the mainstream version. Genetic evidence does not prove OOA, unless you assume a priori that OOA is correct. For one example, M and N as offshoots of L is an assumption based a priori on the OOA. We know that L is older, but again, claiming that M and N are offshoots of L is simply analogous to reading tea leaves. (I am, of course, talking about haplogroups.)
Anyway read the Neanderthal genome debates with the two camps claiming it fits their model best.
Also, archaeological evidence suggests that humans did not evolve separately from various hominids and then interbreed.
The archaeological evidence we have slightly favours MR, but it might just be a false positive. Though, for the sake of fairness, we have to assume that it fits both the same.
That, even assuming OOA, homo sapiens and neanderthals could interbreed is pretty much an yes. Assuming a gene flow should not be so outrageous, but people seem to go "Eek, neanderthal cooties!" ...
Rather, homo sapiens evolved in Africa, and proceeded to force these competing species into extinction as homo sapiens migrated into Europe and Asia.
Maybe so.
tl;dr: We don't know yet. Stop claiming that we do.
>>4
The best short version I know of to explain the differences is this piece written by John Hawks (he's also one of the authors of the excellent recent paper of accelerated evolution):
http://www.johnhawks.net/weblog/topics/modern_human_origins/multiregional_vs_out_of_africa.w
You'll have to read peer reviewed articles for a longer explanation, there are some online.
>>5-11
This subspecies/races thing is semantics, not biology. Both exist.