Hi there,
I've had some experience with creating my own Fusion drive so I could probably help. You can follow this guide for your setup, as this guy is using the same 17" MBP. >
http://www.petralli.net/2012/10/ana...macs-with-an-ssd-and-a-traditional-hard-disk/
a) I would suggest stick only using either OCZ Vertex/Agility 3/4 or Samsung SSDs, and Hitachi/WD HDs at the moment because there is a high chance of incompatibility when creating the Fusion Drive. I have experienced this with my setups and got numerous errors mainly unable to create a Logical Volume (Fusion Drive) with Intel 520 or a Kingston V+200 SSD.
b) Secondly there are certain models of Macs which are reported to have experienced problems with Fusion Drive. The early 2011 15" MBP is one of them. >
https://forums.macrumors.com/threads/1494209/
c) You are right to remove the Seagate Momentus XT as the Fusion Drive only works with ONE SSD and ONE HD (the process of creating the Fusion Drive is partly encryption by the OS). The person posted in the above forum post was probably experiencing problems with his 15" MBP because he used the Momentus XT as a replacement (which as you know contains a small SSD).
But once it is up and running, it is incredibly fast. I tried cloning from an 250 SSD to the Fusion Drive with a SATA3 240GB SSD & 2TB HD and it just took like less than 7 minutes to copy over 8GB worth of data!
About how it works, this is from what I have read and observed. Well what the Fusion drive does is basically cache the most used files in your system on the SSD, storing the rest in the HD so that it frees up your time, resulting in super speedy reads and writes. When you are copying files over for instance from one drive to the next, the data is copied first over to the SSD (because it is the quickest), then gradually transferred over to the HD in the background while idle. This is why it is worth considering over a traditional HD setup.
And to answer your question about the data there is NO WAY for you to see the contents of each drive, because it is all done in the software. Both drives contents will be seen 'as one logical volume' under the OS and there is no way to 'see it'.
As such I advise once you've created the Fusion drive, to backup your Fusion volume with a single external drive frequently using drive cloning software like Carbon Copy Cloner or Superduper especially if it is your main drive and to use Time Machine if needed, because we currently do not know what is the reliability of such a setup. Its still early stages at the moment for many and its better to take precautions with such a setup.