Two iPads, One iTunes-- Is This Right?

Question

Dear Folks,
If it's all it's cracked up to be, I plan to upgrade to the new iPad when it comes out and pass on my current iPad to my housemate. We both use the same iMac, same user account. I think I understand how to manage this properly, but I'm hardly sure. I want to run it past you folks, since a mistake would be, ummm, unfortunate.
I have iTunes set up to "Manually manage music and videos," but otherwise my iPad content is automatically syncced to iTunes.
So, assuming I have my new iPad2 in hand, it goes like this?
1) Sync the iPad1 to iTunes, just to make sure the iTune's backup record is 100% up to date.
2) Unplug iPad1, plug in iPad2, and click RESTORE in iTunes. That will move all my apps, personal settings and associated content from iPad1onto iPad2, right? Basically, iPad2 acquires the personality and memory of iPad1.
3) Manually port my iPad1 music/video library from iTunes into iPad2.
That should leave me with my new iPad set up exactly the way my old one was, right? Same accounts, same functional software, same permissions, etc., right?
Now, returning to the old iPad1, go into Settings/General/Reset and select "Erase all Content and Settings." Then I can hand the machine over to my housemate and she can set it up from scratch, just as if she'd bought it new.
My understanding is that from this point on iTunes is smart enough to recognize that there are two different iPads with two different configs. When we each plug our iPads into the iMac, iTunes will automatically sync iPad1's stuff to the ipad1 backup and iPad2's stuff to the iPad2 backup without us having to tell it which is which (remember, we're handling music/video manually). We don't have to worry about the contents of the two iPads getting somehow commingled.
Did I get this all right?
Thanks!
pax / Ctein

Answer 1

Dear Chris,
Wow, really is just that simple. Thanks; life is rarely that good (even Apple life, which is pretty good).
And thereafter, once my housemate has set up the scrubbed iPad1 as her machine, iTunes really will track them both separately, maintaining separate syncs and backups for each? (again, noting that we don't auto-sync music and video)
Thanks for the hand-holding. I know it's a bit early to be asking, but I like to be prepared.
pax / Ctein