You should implement both features by yourself.
Take a look at these links:
This is regarding item #1 above: "highlighting validation error field"
Thanks Ilya for the pointer. They were helpful. That got me thinking into possible solutions. However I'm surprised that there is no RichFaces component that does this out of box. i.e "highlighting validation error field and presenting user friendly message that contains field label".
The link gives a solution using JQuery: However the main issue with that approach is:
1) The JQuery does not get fired for validation failures resulting from AJAX calls.
2) You have to name the form fields in specific way.
Do you know of any solutions that use a custom component or at least outline on how to write such a solution. I do not have much experience with custom components.