Hi T,
Yes, your summary describes the IFC approach. The points, curves and surfaces are used in Rhino to represent the "Elements", and IFC is used as an exchange format so that these elements may be represented in other IFC modelling software.
To date I have been pursuing a Rhino plug-in for importing IFC models into Rhino, but am presently starting on IFC export (or generation from primitive Rhino objects). Relationships between entities such as relative locations is something I have looked at for importing IFC objects. Maintaining or specifying these relationships is something I need to give a little more thought too, but my present expectation is that the plug-in will have menus and commands that allow you to specify these.
I am looking for users to participate in the early beta testing of this IFC development (I'll do my best to prioritize the development of IFC aspects you need the most for any participants). If you're interested (or anyone else reading this thread), send me a private message and I'll send you information for how to download the current version. Hopefully within a month or two this will be come a public beta as per my other plug-ins on
www.geometrygym.com/downloads
Cheers,
Jon