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Well 4 regiments equals one division, two divisions equals roughly one army- corps. Though two army- corps are usually bundeled into an army,.... you're right, it is one half of an army .
I played this game several times. It is really easy to play (like other derivates of the "Panzer General" serie), you hardly need to read the manual. After having read some walkthrough- and hint- files, I decided to write a comprehensive walkthrough in order to eleminate some "Maybees" (... do they fly and collect honey?). It's not complete yet, though I have to play, reread the other documents and write my own stuff simultaniously. After completing I still have to translate it in english.
Anyway there are some documents available at www.dlh.net. (site is in german and english). Especially a walkthrough file (german), which is not very accurate but at least sufficient and an excellent FAQ- file (english).