1. Does gain just mean the amount? |
or strength of the channel in the overall mix of the the three channels that produce the picture.. You adjust the RGB channels (usually) to balance the image (usually to achieve white balance, i.e. what is white in the picture appears white). The combination of the the three channels in varying strength is what produce all the colors and luminance in the picture - all the way from all channels full on; White to all channels full off: Black.

2. Still a bit confused, is the RGB Parade showing the light, midtones and dark values for each Hue channel while the Vectorscope is showing just the Hue and how saturated the hue is? |
The parade is showing the gain (amplitude, strength) of the channel. The vector scope is showing the hue and amount of saturation that each color has.
You use the RGB parade and the Vectorscope for two different purposes. While you could get an idea of the luminance present in a scene by looking at the RGB Parade, it is much more useful to look at Waveform set to Luma to see just the brightness and darkness of the scene, independent of its color content.
This is the scope configuration I normally use, I'm sure others do things differently:

MtD