Exactly right. Taken together, these two decisions tell America you may descriminate against whites, just don't do it overtly.
This is important as the Bakke decision was splintered and narrow, as Powell's opinion was one of four but not technically the majority opinion. Strict Scrutiny is now the law of the land for university admissions policies. So it appears that even the most conservative of judges were not willing to go as far as many in this forum would like and outright ban all racial classifications in university admissions.
O'Connor's majority applies the test and says UM's policy survives the test. Scalia and Thomas dissent saying that she misapplied the test and that majority simply takes UM's assurances that this is not quota system, rather than looking at the objective data and look at how the admissions policy is applied. Scalia, Thomas and Rhenquist all conclude that UM's prgram does not survive strict scrutiny and that strict scrutiny requires more than taking the university's assurances that this is narrowly tailored program to ensure diversity.