No, you are not correct. The limitations are imposed by the implementation. Read the longest post from here:
http://en.community.dell.com/support-forums/peripherals/f/3529/p/19483304/20264148.aspxThe cable that I tried is from HAMA(German manufacturer, I think) and was labeled as "high speed hdmi with ethernet, 4096х2160 capable". There is no HDMI-version(1.1, .1.2, 1.3 or 1.4) on the package, although advertized 1.3. I guess that might mean that it doesn't provide the high resolutions part of the standard, but, anyway, this whole thing got so loathy and loose... But, I won't use the words that are coming to my mind at the moment...
The bad thing is that the notebook, that I currently plan to upgrade to(the Samsung X300C), is again equipped only with HDMI.