I think it is a fair assessment.
I'll expound on a couple of things you mentioned:
3rd Down Defense - VT was content to run the ball into traffic on 1st and 2nd down (and OSU had some good run blitzes called, it seemed), but on 3rd down they dialed up some nice plays. Conversely, the OSU defense seemed to try and bring pressure quite often on 3rd down, but VT tried to get the ball out of Brewer's hands quickly. With that combination, OSU was left with blitzing LB's who did not have time to get to the QB, and instead were left with little help in the secondary or on intermediate routes. If OSU's DL is really as good as many think they are, I don't see a need for OSU to blitz as often on 3rd and medium/long, but instead to take away the quick passing attack that so many will try to employ against the Buckeyes.
Running Game - VT aligned their DL to take away the inside running game, and aligned their LB's and nickelback to take away the zone-read or jet sweep action. Yes, if OSU had hit some of the deep balls it would have helped take VT out of that cover zero coverage. But, I also think there comes a time when you have to try the middle screen/slip screen/WR screen to stretch them horizontally. Meyer/Herman have preached the fact with their offense that they want to stress the defense vertically and horizontally, but it did not feel like that was the case on Saturday. The only "stretching" they did horizontally was the speed option, normally to the short side of the field. With the supposed playmakers OSU has, you've got to take a chance that getting your player the ball on the edge with one man to beat should be to your advantage. OSU pretty much conceded the edges of the field to VT.
One last thing... is OSU allowed to call a slant and go? If there is cover zero with no safety help, VT is pressing the line of scrimmage, and their CB's are obviously trying to jump everything, why not run a double move?