That's right. If that's a bit too much to grasp, think of Normal Maps as Bump Maps on steroids and Displacement Maps on valium.  Additionally, bump maps and displacement maps are usually greyscale images, where as normal maps are not.

There are also two types of normal maps that are commonly used. Tangent Space, which is good for any object that requires movement in your animation/scene and Object Space (aka World Space), which is good for static objects that do not move over time. For really trippy effects assign a Object Space map to a moving object.

Edit: There's also nothing wrong with mixing the various maps if you need. For example, I could have used a normal map for the character's major detail changes and a bump map for very fine detail like pores or something.  Or a displacement map for the major changes and a normal map for fine detail and a bump map for even finer detail. So yeah, they can work together if need be.

Edit Again: We should probably get things back on topic before Cooper sends me off to Antartica to do product demos or something, lol. :)  So, hope everyone's experience with the hotfix has been a good one!