That's a fair explanation. Most of the time Alternate Frame Rendering (AFR) is used, which is what you described. You can read up some more on the links on the left side of this page from NVIDIA: http://www.geforce.com/hardware/technology/sli
EDIT: Sorry, wrong video.
This one explains both the basics and the future of the technology, albeit with a bit too much info on the latter. https://www.youtube.com/watch?v=A91BPapLK38