Normally the definition of a projection matrix P is the 3x4 matrix which projects point from world coordinates to image/pixel coordinates. The projection matrix
CAMERAMATRIX1 - is the intrinsic K matrix as computed by stereocalibrate() function in opencv. you got it right!!!
R is the rotation matrix of cam2 frame w.r.t cam1 frame. Similarily , T is the translation vector of cam2 origin w.r.t
cam1 origin.
If you'll look in O'Riley book "LEARNING OPENCV" pg.-434, you'll understand what R1(/Rl) and R2(/Rr) are.
Rl=[Rrect][rl]; Rr=[Rect][rr];
let camera's picture planes be plane1 and plane2. When stereo rectification hasn't been done , then plane1 and plane2 will not be parallel at all. Also, the epilines willn't be parallel to the stereo camera baseline. So, what Rl does is that it transforms the left image plane to be parallel to right image plane(which is transformed by Rr) and also , epilines on both images are now parallel .
P1 and P2 are the new projection matrices after stereo rectification. Remember, camera matrix(K) transforms a point in 3d space onto 2d image plane. But P1 and P2 transforms a point in 3d space on rectified 2d image planes.
if you have calibrated a stereo camera rig before and observed the P1 and K1 values, you'll find that they are pretty much similiar if your stereo rig is almost in rectified configuration (obviously within human range)