I agree with most of what you're saying.The plans look like an exact match to PFS. But I don't think the capacity will match that of their off-the-shelf model shown on the website.
There is a very slim chance that each guest would ride their own banshee. That would consume an insane amount of space and restrict capacity to almost nothing.
I'm guessing when Iger saw a simulation of the ride, it was just in a chair, looking at a big screen with very preliminary video. In his mind, which doesn't spend a lot of time caring about the parks, he was probably under the impression it would be individual vehicles. Or, maybe it was going to be at one point, then they realized that would offer no capacity.
I suppose there's at least a possibility that the film itself will have a banshee projected at the bottom, to make it look as if we're riding it (remember, with the 3D, it could pop out of the screen to seem to be beneath the rider). That, coupled with the motion of the simulator, could make it feel like you're actually riding one that's "breathing" as he put it.
Ultimately, I'm not too wrapped up in how disguised the ride "vehicle" is. No matter how well it's disguised, even the best disguises are only dressing up what you already know is a ride vehicle. I'd prefer they use a ride vehicle that's capable of moving in the way they want it to move, rather than a ride vehicle that's a bit more limited but makes you say, "hey, it almost sorta looks like you're riding a real dragon if you squint."