Dave, I think you are pretty close on your description of the licenses. There is, however, "the rest of the story" on the new licensing policy.
Autodesk threw out the bone that Reader in eassence becomes free through the Web based client. They also throw a somewhat illusary bone by making the PS Client licenses shared, so you only need licenses for concurrent users and not seats.
But other than that, the new rules are plain: one $1700 license per concurrent user to even connect to a Product Stream server.
Gotcha!
Some years ago, we bought PS. We bought three seats of Creator, and five of Reviewer. ($7,000) We figured we'd need three people editing the PS portion of the data. Our VAR told us we didn't need PS licenses to just use the Vault portion of a PS server.
Autodesk told us not so - after the "new way" came up. They said it has always been this way. Of course, nothing in their EULA mentioned it, no simple code tested the client for compliance, they didn't seem to explain the policy to their VARs, and they didn't put two and two together on the disparity in what the VARS were selling. So while their words now say they are only enforcing what has been their policy forever, their past BEHAVIOR tells a very different story.
And that story goes like this: set the hook in terms of market acceptance and then change the rules.
Fortunately, we got hyperbusy and never implemented PS. We were just beginning when we learned about the "new way". For us, the new rules would have cost an extra $30,000. That decision was easy: ain't worth it. For once, my failing to get something done looks smart.
During the last recession, Autodesk starting sunsetting licenses for upgrades. During this one they pull this PS bait and switch. I have a new definition for how you know you are in a recession: ADESK starts cannibalizing their customer's good will for an "enhanced revenue model".
Very disappointing.