Yes that's a pretty good way of describing the concept Toadflax.
You own a piece of the wood at the land registry in the normal manner but the TP1 - as it is known - has a covenant that says you have the beneficial right to use all of the wood in perpetuity (forever) and complete access across and around the whole wood. So in effect you have the use of all of the wood.
For some people who want to be really territorial - in the style of a Kentucky farmstead - this isn't much good because if everyone put up fences and said 'get orf a my land' it would ruin the idea. But the benefit is that you get a whole wood to use forever for a fraction of the normal price. So as you say if you buy one section but fancy camping on another that's cool and vice versa. As I'm sure you know land changes over time and with the seasons so one bit that's good in summer may not be best to camp on 5 years later in the spring. It's supposed to be a communal thing for people in tune with nature. We don't have too many rules there are a few guidelines just to stop any really silly behaviour - quad bike racing, keeping pigs, etc! - but the idea is let's use a wood as a living breathing thing, respect it but have fun.
It is a bit like a time share - but as you say more a case of you own a bit but can always visit it whenever you like and walk and camp and use all of it.
We also provide a chat room/woodland community - a bit like this - so owners can chat and exchange ideas. Not everyone likes this and that's cool too. (It's just a facility.)
We hang on to about half of the wood so it doesn't become too over crowded and because well that's why we did it in the first place - to own a wood not make £ millions!
We don't mind if everyone camps on our bit at all.
It's just a fun idea that let's people like us have a wood of their own to use, where we can light fires, camp and do our own thing.
Hope this helps?