| I dont really know much about VPS, but this is my main question, do you get root access on it? |
Normally yes, that is the primary point of using a VPS vs shared hosting. However, on managed servers sometimes the host will not provide root access directly and instead have you operate through a sysadmin that works for the host. Usually in this case you can still get root access if you request it, but you may have to take over management responsibilities for the server in that case.
| Allowing me to create reseller accounts, etc. |
This question doesn't really have meaning in this context. Root access to a VPS allows you to do almost anything that you would be able to do a normal dedicated server, including creating new user accounts. However, at the operating system level there is no concept of a "reseller account". You may be restricted from reselling hosting on a VPS by the host's TOS. Obviously this would differ from one host to another.
| Also, how many max people can there be on the VPS? |
I assume by people in this case you mean how many sites can you host on it, but this question isn't answerable. It depends on the resources available to the VPS and the resources required by the sites you're hosting.
| Does this mean there are that many root accounts? |
You can only have one root account on the VPS, but you could create multiple accounts that have root access through the sudo program.
| Does each part of the server have a different control panel. So say 2 people were on the same VPS, one wanted cPanel, and one wanted DirectAdmin. Would it be possible? |
I don't know what you mean by each "part" of the server. A single VPS isn't split up into parts. The host server is split up into multiple VPS's, and each of those has independent software on it.
I am fairly sure that you cannot install cPanel and DirectAdmin on the same VPS, but I don't know this for sure. You would have to research them specifically to determine that.
For pretty much all practical purposes, from the perspective of a webmaster a VPS operates exactly the same way as a dedicated server.