In my opinion, you nailed it. I like the way it was put earlier, my PW is like a 10 iron and the AW is my 11, mainly because the lofts are so strong through the sets these days I needed something to hit when I'm inside of 150.
Most of the struggles I see with people and wedges is the wrong bounce. If you have a club that digs in every time you swing, you end up with a lot of bad shots fat, which gets me over correcting to hitting them thin. Then it's all over.
I was honestly at my best with a wedge when I had a 56, Cleveland 588 that I got so familiar with I wore the grip out 3x on and eventually couldn't get spin on anymore from the face wear. So that says one thing, being familiar and in practice with wedges is paramount, but also a single option you can use is far better than 4 you can't. I have had my current 54 as a utility wedge for 3 years and I'm just about comfortable with it. So much in fact, I'm going to get rid of it and get back to a 56 with less bounce. My typical playing conditions don't require as much bounce as the mass market wants me to have, just as Scott is saying and I'm finally getting wise enough to admit it.