Well, yes, it is that easy. It's not incredibly fast or anything, although, you can use a fairly high speed for the port, since you do not suffer from the shortcomings of an actual modem.
I think that JRCom and NComm are both really nice terminal applications for the Amiga. Unfortunately, they are commercial and I doubt that you are going to be able to find *legal* versions out there to use.
Aminet has a bunch of ones you can use though, I just did a search for "terminal" and got almost a whole page of terminal applications.
- Mike