Question 1: Assuming L2 connectivity between all devices (eg: a single VLAN) the jumbo frame will simply be dropped by the device that is configured with the 1500-byte MTU and the "Oversized Frame" counter on the interface will be incremented.
Question 2: The same as above, except the device will drop the frame instead of the switch.
The thing to remember with Jumbo Frames is that they are only used when upper layer payloads request them, so, for an overly simplified example, take all the switches out of the equation and imagine we have a storage array with jumbo frames turned on, and a server PC with them turned off connected back-to-back.
If a TCP session (say iSCSI) is started up, then the PC (knowing its MTU is only 1500 bytes) will set Maxiumum Segment Size (MSS) to 1460 bytes (to allow for IP/TCP headers etc) and the storage array (even with Jumbo Frames enabled) will then never send a TCP payload larger than 1460 back to the client, which means everything will work nicely.
Network infrastructure in general doesn't initiate connections, so increasing the MTU will not affect transit traffic.
However for some network protocols (BGP and OSPF come to mind) matching MTUs for adjacent peers IS a critical part of operation, so make sure you consider any links that run these protocols (and backup links that may carry these protocols) when making changes.
My recommendation would be:
1. Audit all your network devices to make sure that they support Jumbos first (and what their maximum is)
2. Confirm that if you have mixed vendor environment that the MTU means the same thing on all boxes (on Juniper MTU on an interface includes the L2 header, whereas on Cisco gear it does not)
3. A lot of older equipment may require a reboot in order to change MTUs (Junos does not)
4. Watch out for things like L2 MTU and L3 MTU - in Junos, they are both set independently of each other - for example, a physical port can have an MTU of 9000 bytes, but if it is a member of a VLAN, the l3-interface will have a default of 1500 bytes, which means routed traffic will be forced to this lower value