BW and HANA Live Content

Hi all,

We are currently debating on following Queries and looking for answers.

1. Is it possible to create same BW Hierarchy in HANA using HANA studio and consume in HANA live Content? (as an Example Profit and loss hierarchy)
   
   
   
2. What is the best approach for the reporting? Should we go with BW Queries for the reporting or is it merely HANA Live Reporting? (We are planning to implement HANA without using SAP BW for reporting and is this the recommended approach?)

   3.  If new customers are planning to implement S4HANA, what should we suggest for them for reporting? Should suggest them to install SAP BW or HANA Live Or Both?

Thanks

Mirana