Yes, that's correct. I personally don't understand why people have such issues (not saying you do) with low monthly subscriptions but whatever.
It's definitely a game where you can play for small amounts of time and still get stuff done, at least leveling your character as I'm only level 16 right now so I can't answer your end-game question. If you're going to be going AFK a lot I would recommend playing on a PvE server. I would also recommend PS3 or using a controller on the PC as it's not like FFXI with auto-attack, here you have to perform combos to pull off special weapon attacks.
PvP is MUCH more fun though if you can take the heat. The penalty for dying is low (no XP lost, sent to nearest "safehouse", which is like a checkpoint) and it definitely adds an awesome element of randomness to the game that makes it unique. It's not like WoW where the maps are sprawling, stuff is pretty condensed together so you can easily find allies and team up on people without being in a party.
My favorite thing about the game though thus far is how they've cut through all the crap of go to NPC, get quest, travel, finish quest, return to NPC for reward. Sure you do that sometimes but with quite a few quests when you complete them you'll be contacted by the quest giver immediately after completing it and they'll give you a new one. You can also "turn in" quests by simply accessing the menu and selecting the quest - they also can give quite a bit of XP so they are definitely worth doing.
My biggest gripe with the game, and it seems as if it's most people's biggest gripe, is communication. If you're expecting White Knight Chronicles with voice chat and a polished chat function think again. The game has voice chat but for your mic to work you have to turn it on before you even start the game, which is really annoying. Also the text chat is probably among the worst I've ever seen, the window is partially transparent (can't change it) and the text is small (you can't change the size either) so it's very difficult to read on the PS3 and I even play on a huge screen. Sony is supposedly working on this, but who knows.
All in all, it's a fun game and is a very welcome change from MMO grindfests, but you'll have more fun if you just view other characters as the random element to the game instead of allies you're going to rely on all the time. It could certainly change end-game when more people rely on Ventrillo and other computer software to communicate if Sony doesn't get their act together.
XI Wiki



