From what I know (which is probably very little in comparison to some of these other guys) you're pretty much spot on with your understanding of rebanding.
Rebanding - The RadioReference Wiki should provide a lot of the answers to any pending questions as well.
On the question of Wichita switching to 700MHz, I have no clue.
And as far as digital vs. analog...if you can afford the digital...go for it. Systems are moving that way...