Hi again,
Well as i said when i hear "transit" or "transition" frequency i think of a single device like a transistor, not an op amp circuit or any other entire circuit made of various components that could include any number of transistors. This is like a specification that we can use to help select a component.
For example, if i told you i had two NPN transistors, one with ft=10MHz and one with ft=250MHz, and you wanted to build an amplifier with a current gain of just 2 at 10Mhz (the amplifier is the whole circuit that includes the one transistor). which transistor would you want me to give you? Since the ft indicates the frequency where we get a current gain of 1, there would be no way you could use the ft=10MHz unit, so you'd be forced to use the 250MHz unit. That way you know you should be able to get a gain of 2 at 10MHz (because most likely that if it has a gain of 1 at 250Mhz it can probably do a gain of 2 at 10MHz easy).
So you pick a transistor based on ft, and knowing how it works into the circuit (your other questions now) you can figure out if it will work in your circuit if you are using that kind of design method.
The "unity gain frequency" can be specified in different ways depending on what we are doing or analyzing. For the transistor it was specified as w=gm/Cgs, but for an entire circuit it could involve many more factors. I gave you the example of the circuit we had looked at with the single transistor and you could see that it involved other components like RL. That's because we wanted to know what the unity gain frequency was for a VOLTAGE gain of 1 fo r the whole circuit as opposed to the CURRENT gain of the transistor alone. So in one case we wanted the current gain, the other case a voltage gain, and one was for a single electronic component and the other for an entire circuit using a few components.
This unity gain frequency thing comes up a lot in electronics and it means different things sometimes. We also see the "3db" frequency come up a lot in filters too a lot. This is the point where the gain drops by -3db from the passband gain (or 1/sqrt(2) times the passband gain). These are "metrics" that we use very often in order to make designing something a little easier because it gives us comparative method tools for choosing components and circuit topologies.