there are two display states: Info and visual. Info has two sub-states: now and next, track info list. Visual has three states: Visual only (info off), info on, transient info.

I think it works a bit differently. To use your terms:

There's only one display state - an info screen on top of a visual screen.
The info screen can be in the following states (from memory, don't have my empeg in front of me): off, line, transient, track, now&next.
The states of the visual screen are basically all the different visuals.
Some info screens are transparent and the visual screen under them can be seen - these are off, line and transient.
The bottom button on the faceplate affects only the state of the info screen - it toggles between off and some other info state.

At least that's how it worked in 1.03, I haven't played with 2.0 enough to notice any changes.

Borislav