That is correct. Comments and tracked changes are 2 completely different things that have nothing to do with each other. Accepting, rejecting, or turning tracked changes off or on will have no effect whatsoever on comments (for good reason).

Also, once you enable Track Changes, this feature will stay enabled until you turn it off. Accepting and/or rejecting all changes does not turn off the Track Changes feature. If you want to turn off Track Changes, then you need to disable "Track Changes".

There's a great new feature in Office 2007 and later called the Document Inspector. You run this on a document before sending to a customer or other external party to look for tracked changes, comments, or other potentially embarrasing metadata that you wouldn't want to be seen externally.