I thought this was a fun and interesting Lab.  It seemed that the operations of buffering and overlay have a lot of "real world" applications and it was educational learning the sequence to perform these tasks.  I had a few stumbles along the way but doing it a few times and a few different ways promoted more (hopefully!) understanding.  
Q1:  Which tool did you use? Was there any noticeable difference between it's results and the results from the instructions?
I used the intersect tool.  I did not notice any difference between its results and the results from using the union tool for this example.
Q2:  Which tool did you use here?  Why?
I used the Erase tool.  The erase tool was used to create a new feature class by removing portions of the buffer areas that were overlapped by the conservation areas.
Q3:  How many features are in this layer?  What is the area of the largest feature?  What is the area of the smallest feature?  
I counted 79 features in this layer.  The largest area polygon is 776,503 square meters.  The smallest area polygon is 748 square meters.

 

