You got it right. The way I like to think of it is (note I didn't list them consecutively):
1) OFF state
3) Hover over OFF state
2) Pressing OFF state
4) ON state
5) No project loaded or unused
For those that have 7 buttons the changes are:
7) No project loaded/Unused
6) Hover over ON state
5) Pressing ON state
Others are the same
For those with 8 buttons, they're like the 7 button scheme, but with the added multi-state button.
Pete