Yes, completely accurate. When looking at the Dmg Resis numbers, you will see Lethal and the other dmg types I mentioned fall behind.
The recovery and end debuff don't seem to be strong. Malta recovery debuffs eat right through any resistances, but even with that, I feel it's at least the top 5 most survivable armors for Brutes and Scrappers. (Haven't made a tanker yet, but don't doubt it's just as good)
In short, Psi Armor is really worth playing.