1) Separate chaining is an open hashing technique that uses linked lists to handle collisions. Each index in the hash table points to the head of a linked list of records with the same hash value.
2) Operations like search, insert and delete have average time complexity of O(1+α) where α is the load factor, as records are stored in linked lists after hashing.
3) Advantages are it never fills up and is less sensitive to hash function quality, while disadvantages include poorer cache performance than open addressing and wasted space due to unused indexes.