That's correct. Great for those who fly within the EU, but it will add some extra connection time when flying from Romania/Bulgaria to somewhere outside the EU if flying through hubs like CDG, FRA, AMS etc.

Terminals for flights have obviously been adjusted as well. If flying from Paris CDG to OTP or SOF on an airline like Air France, your flight will now be in 2F instead of 2E. TAROM has also changed terminals at a number of airports (eg in PRG from T1 to T2, and at FCO from T3 to T1).

Also note that it means that the Schengen 90/180 rule (you cannot spend more than a total of 90 days within a total period of 180 days without a long-stay visa) will now apply as well to Romania and Bulgaria - which can be good or bad news depending on your travel patterns.

There will still be passport checks at the internal Schengen land border between Hungary and Romania - but these won't change the above rule.