Yep, this is my understanding.
Yes, my understanding is that this is how it works up to and until the cache is cleared. But..."first request" may be only in terms of visitor sessions/browser sessions (vs. the idea that one visitor browsing every single page of your store can completely create the bmz_cache folder files that will never ever change again). I have noticed that on my test site that nobody visits but me, the bmz_cache folder seems to grow over time.
So quite honestly, I would love for Diva or one of the other gurus that know this addon inside out and backwards to chime in on this point to make sure the info you're getting is entirely accurate.
There may be a bit more going on in the background that I'm not aware of

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