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LiftMaster MyQ Garage vs. Retrofit Package

I'm considering moving to MyQ and trying to determine my best option.  I currently have a LiftMaster Formula I opener with a red learn button, manufactured around 2000.  Am I correct that the MyQ Retrofit package works specifically with this type of opener (integrating with the existing door sensors, etc.), whereas the MyQ Garage kit is a more universal kit that integrates in parallel using its own sensors and transmitter?  I'm trying to determine whether I'm best off to take advantage of the fact that I already have compatible equipment and save some money, or whether I should go with the more universal solution.

Thanks in advance.
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