Thien, from another newbie I can say that I find this overview really interesting. What I think it may confuse is in step 5 where it says "These coins are not anonymous", since coins do not change its condition but is the merchant who reveals its identity in the operation.
I was thinking how to put it in simple words and maybe what's missing is the concept of the contract.
Maybe:
In step 3.5 merchant creates a contract with the terms, currency and amount.
In step 4, either the merchant or the consumer are able to send the (contract + coins) to the exchange. In return it gives a receipt.
In step 5, the consumer can call the exchange to get the coins left over from the payment.
I'm not entirely sure so my comments may need a review if that's how the protocol works.
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Sebastian