That's it. (By the way, I just received a comment from Tomas Pavek on nbusers—"Note this is only needed if you have a form from previous NetBeans version. If you create a new form, it has the new layout for Matisse set automatically.")
Now you can drag and drop items from the Palette without worrying about the layout manager. You can pretend you're using DreamWeaver—no knowledge of the components is required and alignment is simple and intuitive. Still not sure that you're using Matisse? Select a component and then notice the cool handlebars (and changed cursor) that you can use for resizing the item:
Now read the GUI Building in NetBeans IDE 5.0 tutorial. It shows you the coolest features of the new layout manager.