Yes, it seems like you have summed it up nicely. The key difference between the two affects their ethical acceptability. iPSCs are adult cells that have been reprogrammed with the virus to force it to show characteristics of a pluripotent stem cell whereas theraputic cloning still makes use of a gamete, destroying potential life.
My extended project qualification dealt with iPSCs, but ive never compared them with theraputic cloning. You seem to have it straight though.