Not 100% accurate, but close enough for most of my purposes.
It really is a fantastic organization, and relatively new as well -- didn't even exist until 1982. Hard to overstate its impact on the conservative movement, though.
One of the rather unique thing about it is that the National Convention very often has speakers with whom we do not generally agree. They are always treated respectfully, ideas are discussed, etc.. Every single current member of the Supreme Court has spoken at a Federalist Society event. It helps sharpen arguments, clarify positions, etc..
Right now, the left is trying to get the federal Judicial Code of Conduct to make it an ethical violation for judges to belong to the Federalist Society.