That’s mostly correct. The Master field upgrade for the regular Innovation results in a full Master Innovation. There is no difference whatsoever between an upgraded Innovation and the retail Master Innovation. The cost of the upgrade is pretty much the difference between them. The Innovation (with no tonearm) is ~$15K + ~$19K for the Master upgrade. The Master Innovation is ~$34K (no tonearm). I am referring to prices for the piano black finish since that is what I have. The regular Panzerholz finish is about $2k less (or $1k each for Innovation + upgrade).
I have heard the Master Innovation with the 9" Universal arm and Clearaudio Statement Goldfinger cartridge on a Boulder/Dynaudio system. It was really impressive.