5DMkII, PocketWizard Plus III, 580EX & 430EX

Quick question.

I have a 5D Mark II and I want to trigger my 580EX and 430EX, both off camera.

I'm under the impression that if I want something wireless, I can buy 2 PocketWizard Plus III transceivers, put one on my camera, attach one to the 580EX, and then the 580EX will trigger the 430EX without needing a third Plus III.

1 - Do I understand this correctly?

2 - Is there anything about this setup that will cause me to lose any of my flash's features?

Thanks for your help. I searched the forum and the web for this, and I'm sure I've come across the answer but I'm brand new to using flash and I don't understand a lot of the terminology in the info that I've found. I've had products suggested to me to use, but either I haven't really understood what they do, or they are out of my price range. Now that I see the Plus III, that's realistic for me and I'm hoping that's all I need to do for such a simple setup. So I apologize if this has been answered here already, I just need it dummied down for me.

Thanks again for all the help everyone here is always so generous with.

Jackie