Yes Sam, in a nutshell you are right.

I usually put on one very thin layer at a time and leave at least 7 to 14 days drying time per coat. After about 3 to 4 layers, I will gently wet sand with 600 grit for smooth out then 1500 grit being very careful not to sand through to the intensifying coat. I then repeat the above process until I get the final layer that I want.

I can say that I've never actually achieved satisfaction for me personally as I prefer a harder final coat such as tru oil. But that's my personal preference.