Its 'kind of" that easy. You can have a functional tank if you look at it like that, but there's soo much more that you can learn that wi give you a truly successful tank.
As for the basics, yes. Its just like a regular aquarium in most regards. The live rock acts as the biological filtration and powerheads provide the flow.
"The simplest explanation for some phenomenon is more likely to be accurate than more complicated explanations." -Occam's razor