Yes, that's correct.
When you reprogram your body to be feminine instead of masculine through the use of Estrogen, your fat deposits in different places. Guys generally get a gut, with the fat mostly in the stomach area and not much of an hourglass shape. Women generally have the fat deposit on their hips and behinds with a smaller waist. And of course you need some fat to fill out your breasts.
The fat doesn't just move around though. You pretty much have to burn it off in one place and let it deposit naturally in the other places. I've experienced this, and it's pretty amazing.
The softer skin thing is caused by the skin becoming thinner with a bit of fat right below the surface to give it a softer look and feel. At first this was kind of annoying, because I found I'd get scratches a lot easier. You can counter this by taking things like Biotin or Collagen, which are good for skin. Not only do they help make it tougher, they also help it heal faster. The thinner skin can also make your veins more obvious.
For hair growth, I've found most of my hair grows slower, like on my face, and it tends to be thinner and lighter (the word is vellus). I haven't noticed any faster hair growth.