Is this a reasonable way of thinking about an auto-rotation?
First off, auto-rotation is a general term for all helicopters and the process varies between different air-crafts and the cause of the auto-rotation. For example, in auto-rotation due to loss of tail rotor thrust you can (and should) descend with some collective power and reduce descent rate. Also, in such auto-rotation there is also a mandatory step 2.5 - cut the power. Otherwise, the craft will rotate out of control in the quick stop.

Also various helicopter types behave differently while auto-rotating such as bigger helicopters start flaring at least 125 feet above ground.

As for the steps described - I'll agree that they break down nicely the process into other familiar processes, even though obviously not entirely accurate. I think the main difference is that flaring from altitude in a 1500-3000 ft/second descend and approaching a quick stop usually with speed forward rather than downward - require significantly different flight technique and practice.