John, I agree with nearly everything you said, but there are a couple of points I want to make a minor correction to.
Mercaptans and Thiols are the same thing. These are compounds of the form R-SH (where R = any of a number of bases). The simplest thiol is sometimes said to be H2S itself (H-SH), but the simplest one above that is methanethiol (CH3)-SH. These do have an extremely low threshold for detection. However, they can be treated by copper (with no need for ascorbic acid).
If thiols (i.e., mercaptans) are left too long, they can form other compounds that are harder to treat. In particular, they can link up to form disulfides, that is, compounds of the form R-S-S-R. These have a much higher sensory threshold (that is, you need more of them before your wine is ruined), but they are much harder to treat. For these, you need ascorbic acid to reduce them to thiols (i.e., mercaptans), which can then be treated by copper.
Some useful references:
http://en.wikipedia.org/wiki/Thiol
http://en.wikipedia.org/wiki/Disulfide
http://en.wikipedia.org/wiki/Wine_fault
http://www.fruit.cornell.edu/shared/pdfs/SulfurOffOdor.pdf
http://wine.appstate.edu/sites/wine.appstate.edu/files/Chart Aromas FH_1.pdf
http://www.bcawa.ca/winemaking/flaws.htm
http://www.techniquesinhomewinemaking.com/home winemaking rotteneggs.html