First time data user have a couple Q's (Verizon)

first post.. and first smartphone ive owned so far.. i just activated my data plan.. i bought the unlimited plan .. now i have a couple questions about that.. do i have to set anything up on the phone to connect or does it do it automatically.. when i open up PIE it says dialing *777 .. it connects and everything everything works.. i went to dslreports.com and tested the speed. and im getting like roughly 700KB down doing the 1MB test.. is that the speed im supposed to be getting.? and can i just leave the phone conected to data all the time or no? how do i disconnect it.. such a newb about all this .. thanks!