Yes , that is right. Another way, google webmaster tools offer visiable links for google bot. Also that is not in time and accurate. use yahoo to check links.
I've always used yahoo siteexplorer to check inlinks as it gets updated almost on a daily basis. I've seen some of my sites move from 700 to 1000 inlinks in 1-2 days through siteexplorer. Google's webmaster tools is great but updates like once a month at the very least.