Right on both counts. It was not PIC and I did not pay half of
what PIC plus local airplane rental would have cost.

I went into this eyes open. They did cut a few more corners than
I had expected but otherwise it was pretty much as I thought it
would be. Getting the rating that way suited my particular
situation and I do not regret a thing. It must be recognized,
though, that the training was incomplete and insufficient for
flying in instrument conditions.