Foto's library on iCloud - no more backup needed

Hi,

Now I have the new Foto's app and all my foto's are in iCloud, am I correct in saying that when I get a new Mac all my foto's will re-appear once I am logged in to my iCloud account and open the Foto's app? In other words it is no longer needed to have a backup somewhere of my foto's, as they are all now on iCloud?

Thanks