Yes it does! Most of the slot canyon photos you've ever seen were taken at Antelope Canyon, though most of those were at Upper, while this was Lower. Less crowded.

Yes. There's a $5 permit fee to enter the reservation, and $20 for the tour. They run guided tours (every half hour, I think), but if you have an SLR and a tripod, you can get a photo pass, and wander around by yourself for up to two hours.