Rot42 ... that's how I thought of it as well. It would be different if the familiar actually "cast" the spell (via Imbue Familiar With Spell Ability spell). RAW-wise though, it's really not clear. Does anybody parse the RAW structure as being different than our intrepretation?
Sir Percival ... I was certainly excited about that feat until I took a look at the INT requirements of the Advanced Familiar. You seriously need to give your Advanced Familiar some INT enhancement bonuses via spell or magic item. Otherwise you are limited to usually 1st or 2nd level spells for him to use via that feat.
In light of all that, I'm starting to think that potent Concentration spells (like Manyjaws, Telekinesis, Illusory Pit, Grasping Wall) are best suited to pass on to your Familiar via the Imbue Familiar With Spell Ability Spell (at high-middle or higher levels). Again, to maximize the action economy.