You mean the xml-like files ?
You are essentially correct. Prior to named preset support in V3, names and descriptions were held in the xml file, as the MIDI (syx) format did not allow them. Now that we have support for names (but not descriptions) the names appear in the MIDI file as well.
At some point in the future, the names may disappear from the xml format, but it should be extensible enough to allow this.
