http://en.wikipedia.org/wiki/AirAsia
Yes, it is.
They appear to have found wreckage east of Belitung Island, according to various unconfirmed reports.
That would be a little less than halfway along it’s route.
Weather was very bad, and they had requested a deviation to avoid weather, before contact was lost.
https://twitter.com/Braun23Austin/status/549063366300286977/photo/1
Map showing Belitung Island location