Yes, it does sound it, except for the one disparity that MTA will not
accept SmartLink cards. I wonder if that is because the MTA does not yet
(ever?) have proper readers installed for Smart cards or because they
just don't want to work with the Port Authority.

Since the PATH takes Metrocards, it's clearly the former. Keep in
mind that PATH has 13 stations, while the MTA has 468 subway stations,
and thousands of buses. Assuming the smartcard will also work on
commuter trains, there are also 120 M-N and 124 LIRR stations, and if
it works on NICE and Beeline, several hundred more buses there.

Once the MTA figures out what kind of smartcard they're going to use,
they'll figure out how to make it work with SmartLink, or maybe
SmartLink will go away and be merged into

What does SEPTA use on its city transport, by the way? How about the
Newark City Subway?

SEPTA takes cash (how quaint) and tokens on buses and subway lines.
SEPTA says they're planning a smartcard
system that piggybacks on contactless EMV debit and credit cards.

PATCO, has distance sensitive fares, its own ticketing system, their
own Freedom smartcard that you tap in and out. The PATCO machines sell
slightly discounted SEPTA tickets for people transferring to SEPTA.

Newark City subway, HB light rail, and River Line are NJ Transit,
They're POP, buy and validate a ticket from a machine on the platform,
or carry a monthly pass.

R's,
John