Precisely!
This I like =)
Exactly! I say Squat to where your hip crease breaks the middle of the knee cap. This seems to be the standard for the USPA or IPF. The IPF can be a bit excessive, but I do like that they are strict and enforce the rules.
To literally touch your ass to the floor provides no real carryover as opposed to Squatting how I described above. Anything past that is overkill but one should still Squat fucking deep!