The binary prefixes aren't particularly useful when talking about IOPS. They're useful for storage since a lot of structures are powers of two (eg. 512 byte or 4096 byte sectors), but that doesn't apply to IOPS.
Yes. I was quoting from the vendor literature, and thought about changing to 1M IOPS but I think it's quoted this way become the competition is offering ca 300K R4K at best, so the comparison matters.