Not sure if ithat's entirely how it's supposed to work but at least it looks sensible.
That's pretty much it. There's a little bit of work in tuning it to get rid of artifacts between cascades etc and stabilization, but otherwise the technique is rather simple as you described. If you have framerate issues with recalculating every cascade every frame, you can always stagger updates of the medium/far cascades too.
From a tuning point of view it really is dependent on the type of scene you are rendering, for example distances aren't a good metric if your game design suddenly calls for a very tight FOV for zooming (as i discovered the hard way when our artists were given complete control over cutscenes)
Depending on how large your scene is, it might be worthwhile to use a different shadowing technique for the furthest detail, then composite that in with the cascade shadows. For example, using calculating ESM for a mountainous terrain, while using CSM w/PCF for all of the objects on the terrain.