Thank you both for your answers! Seems like I have managed to miss all the basics regarding the necessity for nested programs during my research...
@Dory - Just to double check: If I have a program that is set to ignore the communication limit (why is that set as default btw?!), that would still be the case when it is in the engagement program where the comm limit is always active? The nested program settings would override the settings of the engagement program?
I assume Operational emails will still be sent no matter what?
In regards to the comment about tracking LP performance:
If I were to create an engagement program with emails and LPs and filled out form-triggers just as if it were a regular program - that would not work? The engagement program does not recognize the existense of any content and smart campaigns that are not placed inside a stream? (even though it is actually created in the engagement program)