Yep.
Flag = prevent abuse
Downvote = communicate your dislike and adjust the payout accordingly
Ever since the flag was introduced in the interface and the reputation was directly impacted by a flag, the concept of a "downvote" no longer has meaning in the Steemit.com interface. I get how the blockchain has different views on this, but we don't yet have an alternative to steemit.com that supports the blockchain view of "downvotes."