Yes, that looks right -- RS232 idles in the logic high ('mark') state, so will be at 5V on the logic-level side of the MAX232. The RS232 data signals themselves should be negative (between -3V and -15V, with -12V being a common standard) for a high, and positive (again, between 3V and 15V) for the logic low ('space') state, so it looks inverted compared to the logic-level signals your uC will be working with. The MAX232 handles this inversion for you, in addition to the level shifting.
Just to make life interesting the RS232 control signals (DSR, DTR etc.) are not inverted, so a logic high is positive and a logic low is negative. Since you aren't handling those at all you don't need to care about this, but it's worth bearing in mind if you do need to probe them at some point.