Flipbook Components are regular primitive components, and can be posed arbitrarily in 3D, attached to other components, or have other components attached to them. Each Flipbook Component instance can specify a custom color that will be passed down to the Flipbook Material as a Vertex Color. They can also have a custom Material specified that will override the default Material defined in the Flipbook.
You can change the current Flipbook asset by calling SetFlipbook, but note that this will only work if the Mobility property is set to Moveable (or if it is called during the construction of the Actor). You can also control play rate, play direction, looping, etc. with various other methods on the component.
While C++ documentation for working with Flipbook Components is still in development, you can refer to UPaperFlipbookComponent for more information on using them in your code until more detailed documentation comes online.