Hi Rajeev,
Ria has already answered first part of your question. The library comes with 15.0.
About the MDO part, please understand it is as good as calling a query on the page. Now if it's a persistent MDO it would definitely not give you live data and as it reads data from MII DD, hardly any hit on performance side.
If it's an on demand MDO, then obviously performance depends on the logic using which the MDO gets data.
Hope it helps.
Best Regards,
Swaroop