That's correct.
My opinion is that it is a great lens if your goal is to reduce the number of lenses you have to carry. I have a compact camera bag that will fit my a55 body and two lenses, and if I load up with the 18-250mm and the Minolta 50mm f/2.8 Macro that is a really flexible combo.
You can certainly get by with the 18-250 as your only lens, but there are two weaknesses from my perspective - both of which you could probably guess from the specs.
1. It's a good, but not great portrait lens. If you want something that will give you shallow DOF and gorgeous bokeh, add a faster prime lens like the Minolta 50mm Macro, Minolta 50mm f/1.8 (or Sony f/1.4), or the 35mm f/1.8. All are reasonably priced.
2. At f/6.3 it's not very fast on the telephoto end. There's not much you can do about this, other than buy a dedicated telephoto lens like the Beercan (which has shorter range).
So yeah, it has some compromises, but they're exactly the compromises you would expect with this type of lens in this price class.