Pretty much this, yeah.
Someone asked me how other MMO launches have been worse. The difference between this and other MMO launches is that a lot of those launches had various bugs in game. Other than connection issues with servers being overloaded, FFXIV is relatively bug free from what I've seen. That's insane. It's crazy how smoothe the game is once you get logged in. It's such a good game that everyone wants to play it and that's what's causing the bugs we are facing. It really is so good that it's causing its own problems.
Edit: And before anyone points out the duty bugs we've been plagued with, I would point out that those ARE server connection bugs from too many people assaulting the duty servers.
It's not insane it's bug free. It wasn't bug free the first time around. They spent almost three years fixing the actual game. If it had bugs now square would have to avoid go hide in a closet.