A:Answer No - no vertical movement. It can swivel quite a bit, tilt down a little, and if you don't mind it away from the wall it can be moved horizontally too. I assume you are referring to "everyday" movement after the installation is complete. If you're talking about not needing to re-drill holes in your wall because you were almost done and realized the TV is 1/2 inch too low and will hit something, there ARE a couple of inches of vertical movement you can play with on the mounting bracket.
Tip: make sure you have enough slack before you wire tie and / or hide the cables. If you don't you will not have the full range movement the mount is capable of.