Basically, but it gets even better. If you allow directions of 'meaning' do wiggle a little bit (say, between 89 and 91 degrees to all other directions), you get a lot more degrees of freedom. In 3 dimensions, you still only get 3 meaningful directions with that wiggle-freedom. However in high-dimensional spaces, this small additional freedom allows you to fit a lot more almost orthogonal directions than the number of strictly orthogonal ones. That means in a 1000-dimensional space you can fit a huge number >> 1000 of binary concepts.