Consider Phlebas is more of a literary novel that happens to take place in the future. I like all of Banks' work and thinkSwombat's suggested reading order above is spot on, but I also think Consider Phlebas is by far his best work.
Not the future. The Culture books happen rougly in the present day (although across a timespan of many centuries; CP is set 800 years before the other novels, The Hydrogen Sonata several centuries after Excession), and there is even a short story about The Culture encountering Earth.
Depends where you think humanity-on-Earth sits relative to the Culture. Since most of the Culture is human and we on Earth are as yet unaware of any spacefaring civilizations, I view it as a possible future for humanity. I would not be surprised if we encounter other life in space, but I'd be extremely startled if it turned out to be human life.
Oh, you're right as an in-world thing. But I meant this sort of high technology described is in our future, ie I'm using 'in the future' as a proxy for 'science fiction.' Sorry about the confusion.
yes. And It makes a lot more sense if you're already familiar with the Culture, in which case the perspective of CP (from an avowed enemy of the Culture) is a lot more interesting. A prequel of sorts, but one I'd almost read last.