Yeah, that seems like a fair assessment. One big win Locale has (unique at least as far as I can tell) is that it has a plugin API, so you'll find it can integrate with a few other apps.
Using Locale has made a huge difference to me. My set up is that I have two major modes, plugged in and unplugged. When I'm in plugged in mode, it turns on bluetooth and wifi, connects to my bluetooth speakerphone, and sends notifications to Android Notifier which I have running on most of my PCs. This allows me to have my ringer off and get an IM-style Growl notification when someone calls or texts, which is awesome for work. The unplugged mode is basically a typical cellphone configuration.