
Originally Posted by
utesfan100
Is this an actual new physical theory of reality, or a new mathematical framework for expressing possible physical theories?
I am not qualified to speak authoritatively about string theory. That said,
I'll tell you what I think I know.
I would lean toward the latter, since the theory must reside in a 10-dimensional setting, and it can describe 10500 different universes. Still, it seeks to explain the workings of the universe we inhabit.

Originally Posted by
utesfan100
If it is the former, what new behaviors of the universe, beyond those of QM and GR, are anticipated? Does string theory require QM and GR, or merely allow them?
Actually, one of the most interesting results from string theory is Maldecena's anti-deSitter/conformal field theory correspondence. As wiki notes:
An example is the duality between Type IIB string theory on AdS5 × S5 space (a product of five dimensional AdS space with a five dimensional sphere) and a supersymmetric N = 4 Yang–Mills gauge theory (which is a conformal field theory) on the 4-dimensional boundary of AdS5