That is correct.

[quote=SRD]
[b]Falling Unconscious[/b]
If damage reduces you to 0 hit points and fails to kill you, you fall unconscious. This unconsciousness ends if you regain any hit points.[/quote]
Death is a strange quasi-state now where you are at zero hit points, unconscious, and rolling to stabilize and awaken in d4 hours or die. Unless of course you roll a natural 20 and suddenly you are back up at 1. So this said the positive news is, is that he isn't as bad off, but the bad news is, is that he is still very much dying.