Well, there's also skill selection, but that's the gist, yeah.
You'd be surprised how much of a difference the AI adjustments can make, though. For example, if you're a mage or sorcerer, you'd think you'd want a fighter pawn with guardian as a trait, but that is actually a bad thing. The issue is that the fighter pawn will draw aggro, but will stay close to you at all times. This puts enemies in your immediate area which is NOT a good thing at all.
My fighter pawn has scather as primary and utilitarian as secondary.
It's worth noting that if you are concerned about getting five stars, make sure your pawn is female. Gaming is filled with horny males, after all.
Anyways, finished getting all achievements. Third game I've ever done that for.