You read that correctly (although it is counting the built-in 16GB).
I just purchased the SanDisk 64GB micro SDXC card. The only hitch in using it was that the phone didn't recognize whatever formatting SanDisk used at the factory so, with a little fear and trepidation, I told it to format it. A short time later, it showed 60GB of usable space. (Not exactly sure whether the 4GB is "overhead" or, more likely, has to do with whether you use 1GB=1000 MB or 1GB=1024 MB and so on down the metric tree.)
After formatting, the card works like a champ and I've got serious sprawl room
If you're looking for lots of storage on your phone, I'd highly recommend this option.