That's the way I tend to read it. The fun bit then is applying context at eval time.
Rebol allows you to use a block as a list/function/thunk, which is lazily evaluated. This changes the scoping in that you BIND a context to this thunk.
It's a different take on process migration in that the context can be serialised with the thunk, or a new context applied at the process site. This is in contrast to lexically scoped lambda functions which then need to account for dynamic (free) variables somehow.
