Yup, that sums it up perfectly. And no matter what any one tells you, they take a while to setup. There was a firmware upgrade recently for my Harmony 555 which actually got the remote working properly with my Panny TV without all the workarounds I put in (which is a positive rather than a negative*). Unfortunately, I was a bit of an idiot during the update and had to set it all up again with the buttons I wanted. It took about 2 hours (and I knew what I was doing). However, honestly and truly, once it's setup, you won't need another remote for anything other than the most complex tasks. And if you're willing to spend another hour setting the remote up, you can probably even avoid digging out the old remote for these complex tasks as well - it's up to you.
*NB - this is a positive as it shows the flexibility of the remote. When I first got it, it wouldn't change the sources properly on Panasonic TVs due to the strange way they operate using the coloured buttons compared to other TVs. The solution was just to set the TV to a known state (e.g. HDMI1) on each input, then send the required coloured button signals individually to get the input you actually wanted i.e. despite not working properly, the remote is so flexible you can actually work around these issues. Of course they've fixed this now, but hopefully you see what I mean!