Yup that's all true. I've got the same model and specifically purchased that one because of the ability to change the element easier if it was required.
When you get the smoker look on the back of it and you should see a little access panel towards the bottom fastened on with a few black screws. That's the panel you remove to replace the element. There's a couple other screws and a bolt to remove but overall it doesn't look very complex.
This here is the element replacement kit: http://www.appliancefactoryparts.com/search/part/1057565/146218
Personally, I'd call up Masterbuilt and order directly from them so you can be absolutely sure you're getting the correct kit for your smoker.
In terms of how frequent you'll have to replace it - it's hard to say. I think from what I've read around here most get at least a couple years of regular use before it requires replacement.
Hope this helps :)