Am I right that InnoDb is better for frequent concurrent updates and inserts than MyISAM?

MyISAM is faster for reads and writes but not at the same time . In other words, if you need to do a lot of writes, it will be faster, but if you want to also have people reading at the same time the readers and the writers will block each other and you may have concurrency issues. You should use InnoDB in such scenarios, and most mysql gurus recommend using InnoDB by default anyway because it's considered more generally reliable than MyISAM, despite being slower under some use cases.

Yes, I believe so. I am a newcomer to MySQL myself, but when I installed it, it explained that innoDB is optimised for transactional, operational systems, and MyISAM is great for reporting/DW systems.

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