Yep, you got it!

You probably know the rest, but for the benifit of others who may follow the thread I'll spell it out.

The three numbers in each node ("pt" line)  represent x, y, and z respectivly in Poser Units.

The first and last nodes are not part of the path as walked, they are only used to set the curve. The second node is the first part of the path as walked, and second from last node is the last node walked.

When the second node (first walked node) has a value of zero for all three numbers, it will be at the center of rotation of the prop.

All values for the nodes are relitive to the translations, rotations, and scale of the path prop.