Sort of...
The black and white ball was an older implementation of e-ink. The current ones as in the Kindle replaces the ball with a clear dot containing black and white ink particles, and moves these to the top and bottom by means of an electric charge:

As you say, though, the negative image is there to push the pigment around so that more of it moves than would do with a normal screen change. Effectively it bounces all the ink particles bottom to top to bottom and then puts them where it wants them.
Makes you feel sorry for the ink particles!
Although it works in a completely different way, I like to think of it almost like an etch-a-sketch, and the flashes are like shaking it upside down above your head. Good job we don't have to do that every page turn!
