Yes. It both sends power and receives power over the same Vbus pin. The CC pin is used to determine which way power should initially flow (along with how much current can be sourced), and power is only applied to Vbus once a downward-facing-port detects an appropriate device has been attached. The direction of power flow can be changed later on using the power management protocol, which is a separate communications system sent over the CC pin (this is not supported on all devices).
What sort of IC hardware is required for each port depends on what features that port supports. Very little power management stuff is required if you are just making a simple dedicated peripheral or dedicated host port. If you want to use the new features, such as dual-role ports, and high power capacity, then you'll need to use a quite complicated power switching and control system. There are a few manufacturers who make chips to support this, but they are still not that common.
Lastly, Vconn is used to supply power to electronically marked cables and/or active cables. Electronically marked cables have a microcontroller inside them that can can report the cable's voltage and current capabilities to a port, while active cables have internal buffers for conditioning the super-speed data lines to allow longer cable lengths than would otherwise be possible. Vconn also has some other uses for Alternate Mode accessories (such as analog audio adaptors) but you are best to refer to the spec if you are planning on using these features.