Hey Bennett,
For switching-in partitions - you're dead on.
As soon as you're doing "Updates" (via the MERGE) partition switching won't help.
I you have a way to split the "new data" into two sets there may be value in...
Split 1: just yesterday's data enters the table via partition switching-in.
Split 2: data older than yesterday enters the table via MERGE (hopefully just a handful of rows)
But just doing the MERGE is a lot less complex. The added complexity of the above logic and adding partitioning would be weighted against the speed value provided. It may not be worth it.
-Jim