JayP, the explanation you were given on the how the frangible bolt works appears to be from another application rather than the one used on the orbiter forward attachment.
I've attached a cross-sectional drawing of the head-end of the bolt showing the pyrotechnic mechanism that shears the bolt and results in the clean flush outer surface shown in the STS-133 RPM photograph.
The left-hand side of the drawing shows the mechanism before separation, and the right-hand side after separation.
The head of the bolt (colored yellow) is a hollow cylinder whose internal diameter very similar to the outer diameter of bolt's shank where it passes through the spherical bearing (green) to the outside world. Within the bolt is a free piston (light blue) made of Inconel 718, as are the bolt and bearing parts.
Two pyrotechic pressure cartridges (for redunancy) rapidly force the piston downwards causing the bolt to shear along a cylindrical inner surface. The piston and spherical bearing act as a punch and die set shearing the bolt, rather like a paper punch does acting on a stack of paper. The difference is that the end of the piston is dead flat rather than having an acute shaped cutting edge like the paper punch has.
After the piston shears the bolt, an attenuator skirt on the upper part is slammed and flanges outwards into a 45 degree circular groove - this absorbs excess energy from the piston in a controlled fashion ensuring the end of the piston ends up flush with the flat outer faces of the spherical bearing (ball and mount).
The aerothermal requirement was that there be no more than a ±0.017 inch (±0.43mm) step between the piston and the bearing surfaces, and a gap no greater than 0.035 inch (0.89mm) around the piston.
The pyrotechnic bolt used on the Approach and Landing Test (ALT) flights also used a piston arrangement, but the bolt was fractured in tension around a hollow part of the head. It was found that the exposed fracture surface of the bolt (which surrounded the piston) created a 0.1 inch wide x 0.2 inch deep groove (2.5 x 5.1mm) failing to meet the requirements of re-entry from orbit. This led to the redesign for orbital flights.
Robert Pearlman took a photo of the metallic parts of Enterprise's arrowhead assembly, complete with bolt - its about half-way down this web page:
http://www.collectspace.com/news/news-031510b.html(click images to enlarge)