Yes that is correct! It's a revolutionary new feature that saves resources, and really highlights the forward thinking feature development of the project/team. It also allows more people to get involved with the project irregardless of them having a pc, or having one that a wallet can be installed on. Multiple wallets can be installed even with a limited number of systems, and be accessed remotely. I think I'm going to install a separate wallet for each of my kids to get them started with PRiVCY for instance.