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It is a measure of how fresh the eggs are. Grade AA are the freshest. I am not sure how long it takes for an AA egg to get to an A. They also candle all of them to make sure there is nothing unusual going on inside like blood spots, etc. If there are blood spots they don't get the A grading.
Nooooope. All the eggs, no matter what grade they are, are dated. You can see the date on the egg carton. It is a 3-digit number that indicates the day of the year it was laid. So today's eggs would say 119 (day 119 of 365).