Basically yes. In a conventional marriage there is generally no specification of what one expects from that marriage. It's the full works. In a masayr marriage a woman can willingly forego rights which would normally be applicable.

For instance, normally a man has to provide his wife with food, clothing and accomodation. If he doesn't he will be answerable for it (to Allah). But if she's stated that she doesn't expect certain criteria to be fulfilled, then he will be free from responsibility of those things and hence won't be held accountable.

To my knowledge it is a marriage for life, unlike the haraam Muta marriage. That's why I don't see what all the fuss is about.