Your last sentence is correct. One other thing, if it's really cold out, 40f or below, blip the throttle one time before kicking. Other than that, NEVER touch the throttle. Keep your right hand on the front master cylinder so you don't twist the throttle by reflex! If you do, you may flood or at least force a few extra kicks.
When it's really hot, like you stall in a turn, or lay it over, do the same procedure that you listed except pull the hot start button out - but definitey do not blip the throttle! If it won't start, pull the decomp in and kick it over 2-4 times, this will bring some cooler air into the cylinder. "cleaning it out" it's commonly referred to as. Then try the hot start procedure.
It will all become second nature after a few tries. And you are going to love the torque this thing has off the bottom! How well are your arms attached at the shoulders?! ;)
PS: There were two video articles buried deep somewhere at yamaha-motor.com a couple years back. Not sure if they are still there or not since everything since 03 has had the auto decomp cam in them. If I find it, I'll link you. I do remember disagreeing with Dr. D about giving it a full twist before cold starting. That's a bit too much fuel, IMO. Also, check the thumper forum for a thread posted in the last day or two about starting 4-strokes. It deals with the newer models, but other than the auto decomp, and the new bikes seeming to like the short, stabbing kicks like a 2-stroke, there is some decent info I posted in there about the carbs, etc.