Correct, but the system as a whole is very flexible, you simply can't slide a graduated filter up and down (or left & right or diagonally) with a screw on filter. The P system also allows stacking and changing of filters very quickly. For example, take your shot of the sunset @ the 12 apostles. With a cokin type system you could slip in one (or more) of graduated filters and rotate the adapter diagonally to dull down the overexposed section at the upper left of the image.
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