Yeah, you understood it good. I don't think these upgraded versions really need completely separate product pages. The problem is this though: if we put DOA5/plus/ultimate as releases only, the represented product will still be shown as "Dead or Alive 5" and not (in this album's case) "Dead or Alive 5 Ultimate" as it should, even if you link correctly only Ultimate release (which I just did.. and Japanese versions only)... That's because we don't have something like product alias which Cedille mentioned recently in another thread.
But if you make a separate page for DOA5 Ultimate you obviously won't have this issue. Problems, problems