Is it really a 1/2" router bit?

I bought my first 1/2" router bit at that woodworking shop going out of business. It is an adjustable slot cutter.
Well, it is 1/2" at the base, but 1/4" where the interchangable cutters and bearings go. Is this really a 1/2" bit, or is it a 1/4" bit with a 1/2" base? Or am I making distinctions that don't matter?
I guess the good part of it is that I can put my 1/4" rail and stile components on it...
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Yes.
Go use it.
Barry
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