Yes, it is correct. I have a 9800GX2 which is a PCI-E 2.0 video card and it works just fine in my P5B Deluxe which only has PCI-E 1.x 16x capability.
PCI-E 2.0 is backwards compatible both ways. You can use a PCI-E 2.0 video card in a motherboard that is PCI-E 1.x capable, and you can use a PCI-E 1.x video card in a motherboard with a PCI-E 2.0 socket.