Truth be told the different levels of timing I know about but the names and what they mean I really haven't studied. I should, I will, thanks for the push. What you wrote, I can't improve on.
Kata training has a wide range of levels. Kata performed at the highest level is very very close to the edge. What you do depends on the level of your partner and also what you are trying to accomplish. As you know Shodokan randori can be quite intense but the last time I injured someone (or he injured himself) was actually during kata. Sean it is the first technique of the Koryu Goshin no kata tanto dori. In that situation I was uke and tori (unarmed) cut too close, my shoulder smashed into his face (his face smashed into my shoulder) and well it wasn't pretty. It was an accident but it illustrates a couple of points.
You can get hit in kata.
Kata has the potential to be as dangerous as randori.
Of course both go hand in hand and compliment each other.