That's mostly correct, but the AGP and the PCI (and consequently the ISA) are set to run at specific speeds. I believe AGP is at 66MHz and PCI is at 33MHz. (I could though be totally wrong on these numbers as I'm pulling them from memory.) And I think ISA is half of PCI. [shrug]
So in actuality, the FSB of the motherboard has no impact on the bus speeds AGP and PCI. (Overclocking not being accounted for because that complicates matters.) As such, it isn't really the bottleneck at all. The real bottleneck is the architecture used for things like AGP and PCI.
So, for the most part, the FSB is just for the processor to transfer data faster to and from the memory and to the north bridge. And this is why it's good practice to use memory that has the same (or faster) FSB as the CPU, otherwise the memory will end up being a bottleneck.
If the opposite of pro is con, what is the opposite of productivity? Ground first.