Correct, sir!
You gots it right my man!  
And yes, you can catch fire at the end of the season and take the lead, but that's what I like about it.  I think that if you accumulated points each week for a winning a category, the ass in the lead would pull away and no one could catch up. 
I like the potentially volatile nature of the ranking system.  It makes each day exciting, whereas if points accumulated, it would be "Art's in the lead. AGAIN. Ho hum. I quit."
Like tonight is exciting so far!  Art has dropped 4 points and mike has gained 6!
Wheee!!!!