Yes, that describes it accurately: One press on the "view" button to change the data displayed up top; press and hold "view" to cycle through the bottom data field.
Now that I've had the watch for several months, I always keep pace up top, and distance below.  I don't care about seeing heart rate during my runs/rides; only to analyze when I'm done.  I do occasionally leave "train" mode to see what time it is--pressing and holding "mode" takes you straight to "time", from which one press of "mode" takes you back to "train", so this is an easy transition.

Chris