Yes, that's pretty much correct. A couple of minor points:
iOS doesn't automatically release an object just because you use dot notation. It releases an object when the property is declared as copy or retain (or strong in ARC). If, for example, you are using non-ARC code and the property is declared as assign, it won't release the object.
With the latest version of the developer toolchain (Xcode 4.4+), you no longer have to manually synthesise properties - they are automatically synthesised (with the leading underscore).
