See that's where I get confused, some days I look at the available information and think they are due to announce the integrated chip any time now, and other days I'm not so sure..

As per the Corporate Overview(page 18):

Q2 2016

Demonstrate integrate Transmit and Receive Functions – integrated flow with FETs, VCSELs and Detectors

...

As for you question about metrics, the Integrated VCSEL will be like no other VCSEL because it's Integrated, I'm redundant, I know, I know..

Think about it this way.. A VCSEL by itself is useless. For a VCSEL to turn on and off, you need a transistor/amplified/oscillator, for a VCSEL to receive you need a detector.. So you see, all the advantages come from the integration because it's a "plug and play" product, ie: form factor, power, cost.

Think about a VCSEL as a light bulb. Is you light bulb usefull if it's not plugged in a circuit?

In regards to the specific metrics they are looking for, all you said above should be applied, but it doesn't really matter, if they can only acheive a standard performing VCSEL; BUT they can have a Fully Integrated VCSEL then it's off to the races..