Yes, you give him your BTC address and he puts his funds into LBC escrow with that address. That guarantees that he can't use those coins for another transaction at least for the time being. Later, when he meets you and sees your cash, all you has to do is press the green Release Coins button while taking your cash. Text messages / emails will be sent out to confirm the completion of transaction.

Note that it is not necessary for him to release the coins to your localbitcoins BTC address. The address you give hime could be from any wallet.

Edit: There are some bullshit comments from people on this thread who have no idea how localbitcoins escrow works. Don't listen to them. It is not the same as some guy on the forum escrow. It is automated unless something goes wrong.