Yep, that's pretty much it. You don't "save as" .irx; when you write something the scribbles are stored in an .irx file, but other than that you have it right. I have only used the evaluation version and only used it once. Without even training it I was impressed with how well it handled my hand-writing. I was planning to give it a more extensive test this end of year break, but my family got in the way (in the nicest possible sense). Given how I have been using my iliad I don't think that I'll gain much from being able to convert what I write into word processor files just yet.
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