Close...a live PTO will continue to run with the clutch halfway in, so you can stop the machine or change gears while keeping the PTO and implement running. Like the next person said, 2-stage clutch to allow separate clutching of the PTO and driveline. My 1050 has a live PTO. It's bulletproof but not nearly as convenient as an independent PTO.You have transmission PTO, live PTO would continue to run even with the clutch in.
That's the way I understand it anyways.