3 way Rear Folding Seats?

I'd say most likely, yes. The prototype they showed at the Palo Alto store had 3 individual seats in the center row. No final specs are known though.

Note: All seats in the Model X are forward facing. Unlike in the Model S.

OnTheSnap: Uhm... I just wanna make sure I understand... Are you asking whether the center row seats will fold both forward, and backward? That is, forward to allow for cargo storage, backward to form a sort of 'bed' or ottoman?

I am hoping that the middle seat in the middle row will be removable so that long items can fit in between the remaining two outside middle row seats. I am assuming that the rear seats will be removable also.