It is basically the same concept, just more elegantly implemented. When you are creating the chart/natural accounts, you make one dynamic for product group and it automatically flexes. No need to create GL Control Codes for product group.
Is there a second update?
I was on the warpath today with sites and accounting, and got to thinking about your adventure.
Not yet. To try and prove my point to Accounting, I set up Pilot with the Standard and planned on creating a second Book to capture Extended. Come to find out that you need a module for that (it is very poorly worded in the documentation that the module is needed). 
The next time I reset Pilot, I am switching it to Extended.
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A module for what specifically? The second book? Or the extended rules?
Second Book.
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So it is.
Oddly we’ve had it all along, I think. Or maybe added it when we went multi-site.
Ironically we only ever set up one book, though.
Yes, when you went Multi-Site you got the Multi-Book. If you wanted to, you could create a second book that was Extended and run that for a while until Accounting was comfortable with it and then switch Books and stop using the old one.
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