Early in the book it stressed overwrite all init statements to call your designated initialiser, although you never use init. If someone else where to use your classes, and they called init by mistake, your designated initialised would get called. The name and coordinates are just to stop a nameless and coordinateless object being created.
Yes that is all that happened. I send my annotation selectAnnotation:animated: after I add it to the MKMapView to show the title immediately.
The placeholder will disappear on typing.