That's right. You can make the same adjustments in the BIOS for OCing as you can with the motherboard jumpers / dip switches. Unless you've unlocked the CPU though, all you can really tweak are memory timings and the FSB speed. Once the CPU is unlocked you can adjust the multiplier as well.
There ARE some things you can only do with jumpers on the motherboard, but they are stand alone items - you leave the board in jumperless mode, control almost everything from the BIOS, but if you need to adjust your memory voltage, disable the RAID controller, or a couple of other things, you do that with jumpers.