There are several statues of Saradomin; it isn't clear which one you mean. I don't think they all point in the same direction.
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It's pointing to a cross made by mud in the park of Faldor (you can see the cross on mini map). Go to the center of the cross and dig it with a spade (just buy one from Grand Exchange) to find the pirates treasure.
It is located in Falador.
Zamorak
They have the same bonuses in combat terms, people mainly buy saradomin as as cosmetic item more than anything else.
It all depends. If you want to train your strength very quickly, then the Saradomin Sword is what to use. If you're all about high hits and ownage, then you would probably go with the Bandos Godsword. However, as of 10/23/09, the Saradomin Sword is about 10M and the Bandos Godsword is about 27M. However, the Saradomin Sword is quite a bit faster.