Yes, that's all correct, but there a big gotcha as well. Because the lens
flange to film distance is greater on the MAF mount than it was on the
MC/MD, there's no way that a straightforward conversion would ever work
because infintity ofcus would be impossible. So the converter contains a
small lens element which is approximately a 1.2x teleconverter which is not
so much of a problem, but the quality loss is significant. I have one and
have used MD lenses on an 800Si and D5D with reasonable results - not good,
just reasonable, stopped well down and using good prime lenses. I tried
using a 50/1.4 wide open for astrophotography with the adaptor and was truly
astonished at how awful it was.

So it works, but it's not much use in practice.

Paul.