That's pretty much the difference, mainly wrapping the purls backwards, but you knit into the back leg on the next row to prevent the sts from being twisted. The knits are wrapped the same as standard english or continental, so when working in the round in stockinette, you don't need to ktbl. When doing ribbing, it's said to be easier and result in a more even tension. If the back leg/front leg thing confuses you, just remember to work into the leg closest to the needle tip to keep the sts untwisted.
sue- knitting heretic