Yeah, that's right. Prepared statements are also "a good thing" when you are running essentially the same query multiple times (possibly with different parameters) because the node doesn't have to parse CQL each time, improving performance. The trick there is that a prepared statement is prepared on one node, so if queries hit multiple nodes, they'll prepare on all of them before you experience the performance increase. Also, if multiple clients prepare the same statement, the node will share the prepared statement across the clients.
-Sandeep