Keef,
yes, your understanding is correct.
Just to make sure of my facts, I've just printed a page from my laptop connect over wireless on my Pixma printer whilst simultaneously scanning a doc on the V200 from my desktop. The operation was faultless. Laptop is Win7 32bit, desktop Win7 64bit. Drivers are supplied for XP/Vista, but work fine with the new Windows.
All software/driver functions work as if connected by usb ie. the pixma told me it was out of paper, that I hadn't open the front tray and showed me the ink levels. Scanner operation was similarly normal.
I should just point out that only one pc can have "ownership" of a device at any time, unlike an office printer where tasks are queued, but this isn't a problem for a SOHO environment. "Ownership" is via a small app that runs on each pc on the network which shows the devices available and their status. Connecting/disconnecting to a device takes a second or so.
The device itself is tiny - about 2/3 the size of a packet of fags. I've connected mine to a similarly small HP 4-port hub which cost about 4 quid from ebay. As I have a wireless AP on my network, it works wirelessly, as described.
Installation consists of plugging it into the network (router/switch) and running the installation software. Connect the hub/device(s) to the usb port on the 310u and connect one pc at a time to the device (printer/scanner etc) the via the installed app. At this point you install the device software/drivers for you device (printer, scanner etc). Bob's your uncle...etc.
I hope that's useful to you, any questions, please get back to me. I don't think there are too many vendors out there, but I can PM you a link if you need one.
Cheers.
BTW I presume an MFP in this case to be a multi-function printer ie printer/scanner/fax/tea maker/shoe-shiner device all in one.