Your standard tbh is a long and is not supered, although Michael Bush and others I believe have versions that they do super. Otherwise the idea is exactly as you say with the division board. Extraction is not really practical, although I imagine with care and only using older combs, it might be possible. Certainly not in a commercial operation. Crush and strain is the standard method. I think swarming is a bit higher of a risk in a TBH because it can more easily become honeybound than a lang.
A TBH is definitely more labor intensive and generally somewhat less productive per hive (although there are those who will dispute these points to an extent.) It's chief advantages are a significantly lower initial capital investment, simple construction (possibly from scrap wood), and oft-claimed health benefits of from the bees constantly being on newer, cleaner wax.
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