How do you adjust the mandrels?
The mandrels come with a relatively large diameter from the factory resulting in minimal bullet grip. If you want more grip, you can polish the mandrel down to give as much grip as you want. Neck size is determined by the mandrel diameter. Mandrels are available separately, so you can keep different diameter mandrels if you so wish.
I think that most of the perceived advantages of a collet die are not limited to collet dies. Concentricity is not any better or worse than a bushing die. I cannot see how it would make cases last any longer than a bushing neck-sizing die.
Concentricity should be the same as with a bushing die set for the same bullet grip. The more you size the neck when sizing, and stretch again when seating, the more it can by pushed off-center. The less you size and stretch it, the closer to center you will end. This is why some shooters size for minimal bullet grip (amongst other reasons).
The only practical advantages I can see is that Lee dies are cheaper than other brands and that no case lubrication is required for case sizing.
Those advantages seem real to me.
The disadvantage of a collet die is that actual neck-sizing is dependent on how much force you place on the handle when sizing.
No, that is not how they work. The inside neck size is determined by the mandrel, which is as fixed as it gets. If you are pedantic about the force applied, you can use a torque wrench as a lever on your press, but I think it is a waste of time.