Simply plug in the shield to your Arduino Uno and ready to use. The text LCD 1602 (driven by the HD44780 driver) is very well supported by the Arduino platform with a driver API. Default IO pins are jumpered for you to use. You can configure/change the IO pins as well, by providing short female-to-female Dupont wires connected to your chosen pins and change your sketch's IO pin numbers accordingly.
You don't have to have an Arduino UNO to use this shield, although the shield is specifically made for the Arduino UNO. The shield can be also used as a standalone module. Any Arduino or microcontroller can use this shield as a standalone module, that is, not plugged in, by simply connecting the VCC (5V DC), GND, and other IO pins to the shield.
>The layout seems not suitable for an MEGA2560, as it might cover the reset button.
rotating display might help.
There will be a version for the MEGA2560 board. This shield is specifically designed for the UNO, but it can be used as a standalone shield for other Arduinos or micronctroller. See OP.
>I would prefer an I2C version as it would have more IO pins free for IO.
Normally I use a 4x20 LCD (I2C), would that fit on a shield?
Coming soon a more elegent solution that offers I2C/SPI/UART communication layer to drive the 2x16 or 4x20 LCDs.
I took "information" at face value from an "Everything you want to know about 1602" web page (a popular author). Paraphrasing: ["... parallel is better for higher speed applications saving 2ms per character (not noticeable to the human eye)... but long for high speed communications..."]. I associated that with "serial data" speed versus "parallel data" speed... and the claim of "faster" seemed true (but for the duration).