You got it, spot on.
Each of the 16-32-or 64 steps (depending on the length of your sequence) can have a different set of perimeter adjustments per step.
For example, you run a breakbeat or whatever looping...
on step 1 you trigger the loop with a trig.
the following steps use P-locks, but do not trigger a sample, but set a parameter for that step
on step 2 you pitch it up, and have a highpass filter adjustment and turn up the mix of a reverb
on step 3 you have your amp balance panned right
on step 4 you do a different filter adjustment, and set the playback rate a bit slower
ect... for each step (if you want.)
For a more specific explanation about the difference between P-Locks and Trigless Trigs read this thread:
http://elektron-users.com/index.php?option=com_fireboard&Itemid=28&func=view&id=178795&catid=9