You got it right, the four magnets in the flywheel and the two flats for the points make it fire twice each revolution. The flywheel acts as a distributer, shorting out the plug on the combustion chamber that has its ports open. If the brushes are not properly insulated, or if the the insulated part of the flywheel is degraded, You will have less than optimal ignition. Like any distributer, dirt and moisture can make it develop carbon tracks. Cleanliness is the key. . . 😉
