A few things
1) What school project is this i have never heard of any schools teaching FPS Creator as its too easy and is drag and drop.
2) You most likely wont make a commercial game with this engine although there have been success stories there are not many at all.
3) You can not lip sync characters in FPSC it doesnt work
4)You can use your own sounds
5) You can play cutscenes in game and could have them more advanced with scripting
6) Yeh you you can create your own animations but you are slightly limited to what characters can do.
7) You can not do the mirrors edge jump effects with FPS Creator not advanced enough of an engine.
8) You cannot make a heal system with FPSC as there is now player body in game only a camera.
As much as i love this software my sincere advice to you is i suggest if this is really for a school project you go find another engine as you wont get a good grade for something made in a drag a drop editor.