1. Using Relative Orientation the focus is to create a geometrically stable and correct model by fulfilling (enforcing?) the coplanarity condition between two images. The focus is the model. Once the model is created (either by a coplanarity or a collinearity RO), if it's required to be put into object space a 3D conformal transformation is needed for Absolute Orientation. It's the model that is put into object space and the relationship between the cameras and the object are not specifically determined. This can me do by applying the AO to the RO result.
2. Using the Bundle Adjustment (simultaneous) approach, the focus is the relationship between the cameras and the object. Once this is achieved (or more correctly simultaneous with this operation) the model is defined with respect to the object space. Thus, once digitising begins, the model produced is in object coordinates.
Is that right?