If it's possible to use multiple monitors with the device, how can this be set up and configured?
Almost seven years after this question was asked, Raspberry Pi 4 includes support for dual displays.
with Raspberry Pi 4, you can run two monitors at once — and in 4K, too!
From official specs page:
2 × micro-HDMI ports (up to 4kp60 supported)
You cannot use both the HDMI and RCA outputs simultaneously.
I'm not sure, but it may be possible to use a DSI display (when it becomes available) at the same time as HDMI.
Also see this forum thread.