I believe both of these statements to be false.
>> Errr, isn't 'settlement based peering' synonomous with 'usage-based
>> transit' ?
transit implies that the "peer" will show your routes outside their
network, hence allowing traffic from some other network to "transit"
their network on the way to your network. Whereas 'settlement based peering'
is just charging for access to your/their network only.