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The latter.

No. All characters are saved so you can always click your way back to see your family line, but exactly which provinces you have held and such can't be viewed.
 
Damn. I was hoping to be able to go back to a long-dead character and remind myself of all the awesome shit he got up to, like it does with the summaries of rulers in EU3.
Hope you bring the feature back for CK2.
 
My heir had the ambition (shown on his portrait) to become master of arms.
I made him master or arms, but I didn't notice anything special.

How does the ambition system work? And what is pro and con for fullfilling/not fullfilling people's ambitions?