"Makes you feel like an atomic molecule, doesn't it ?"
2.
The concept can be expanded to a tri-atomic molecule such as water where we have two O-H bonds and H-O-H bond angle as variables on which the potential energy of a water molecule will depend.
3.
The " singlet state ", i . e . the " sign, means : the spins are " antiparallel ", i . e . for the solid we have antiferromagnetism, and for two-atomic molecules one has diamagnetism.
4.
While the structure of diatomic, triatomic or tetra atomic molecules may be trivial, ( linear, angular pyramidal etc . ) the structure of polyatomic molecules, that are constituted of more than six atoms ( of several elements ) can be crucial for its chemical nature.