Write Locks in Mongo DB
Your interpretation matches the "How granular are locks in MongoDB?" part in MongoDB FAQ:


  How granular are locks in MongoDB?
  
  Beginning with version 2.2, MongoDB implements locks on a per-database
  basis for most read and write operations. Some global operations,
  typically short lived operations involving multiple databases, still
  require a global “instance” wide lock. Before 2.2, there is only one
  “global” lock per mongod instance.
  
  For example, if you have six databases and one takes a write lock, the
  other five are still available for read and write.


As for the way the locking works:


  What type of locking does MongoDB use?
  
  MongoDB uses a readers-writer 
  [ed: also known as “multi-reader” or “shared exclusive”] lock that allows concurrent 
  reads access to a database but gives exclusive access to a single write
  operation.
  
  When a read lock exists, many read operations may use this lock.
  However, when a write lock exists, a single write operation holds the
  lock exclusively, and no other read or write operations may share the
  lock.
  
  Locks are “writer greedy,” which means writes have preference over
  reads. When both a read and write are waiting for a lock, MongoDB
  grants the lock to the write.