Yes, yes, yes, and yes. Some filters have more pleats giving them more surface filtering area while being the same size. They cheat with the specs by quoting peak HP not continuous HP. In a shop vac most of the particles fall in the container without clogging the filter. Only the fine dust and lint make it to the filter. Regardless, you will have to occasionally clean the filter and eventually replace it, so try to get a vac that can be easily opened to clean.
The big Ridgid has good sucking power, especially when using the big hose. I own several of them as well as 3 much more expensive ones and for power, the Ridgid is the best. You could do a lot worse