Yup - that's it precisely.
In a nutshell (for the comic book series anyways) a Stunt moto racer made a deal with the Devil for "something" and in exchange, the Devil made him into an "on-call" bounty hunter....special powers, etc....It was a fascinating comic when I was younger - loved the artwork ! Too bad they couldn't have transferred more of the "theme" into the movie ! They made his bike look AWESOME though ! It was MOSTLY along the lines of the original - but some creative license was used !
The movie I cannot wait for - well, three actually, Harry Potter (yeah...I'm one of THOSE people), Transformers (DOOOOD !), and Spiderman III !