So each private key can ultimately produce two different addresses - one compressed and one uncompressed? And different private keys can produce the same address (i.e. there are 2^96 private keys for each address)?

From the web:
"A compressed key is just a way of storing a public key in fewer bytes (33 instead of 65). There are no compatibility or security issues because they are precisely the same keys, just stored in a different way. "

So they're the same keys but when hashed produce different addresses?