No. What you describe in the first sentence is basically what the old rule was, pre-1990 (28 USC 1400). The current rule is much worse (28 USC 1391).
Basically, you have the effect right, but the description of the pre-reqs wrong :)
Basically, the federal circuit's view of 28 USC 1391 is very different than 28 USC 1400.
If you look at cases prior to VE Holdings, they view 28 USC 1400, and in particular, the definition of "resides", very narrowly (to principal place of business/corp hq).
If you look at VE Holdings, and their view on 28 USC 1391, you can see it greatly expands the definition of "resides" to include essentially everywhere.
The key difference is in whether or not you must have an established place of business for a suit to be brought against you in a jurisdiction.
Or perhaps better actually where your attorneys are located?
Normally, you pick the one that you live in, so that you don't have to travel. But for patents, many people pick East Texas, since they're more likely to get the verdict they want there.