No. Wrong. It gives a detailed, step-by-step explanation for how to create a monster from scratch, including self-referencing steps, but you can't actually use those rules.
Here, I'll walk you through using the example of a goblin wolfrider I whipped together as a test.
Step 1: Choose Level. This one's easy: I chose level 3. (I also made it elite, but that's irrelevant to this example)
Step 2: Choose Role. Also easy: Brute.
Step 3: Determine Ability Scores. It tells me to work on ability scores in pairs and tells me how to determine the highest ability score of each pair. Good. However, it doesn't even mention the lower ability score of each pair. I ended up stealing the stats for a Goblin Skullcleaver, a level 3 goblin brute (which do not conform to the rules, for the record).
Step 4: Determine Hit Points. As a Brute, it gets 10+Con+(level*10). Well enough ... except I have no guidance on what its Con score should be because the stat I chose for the Str-Con pairing was Str. Again, I settled on the Goblin Skullcleaver's stats, so 53 HP.
Step 5: Calculate AC. Easy, just look up the table and we get 15 AC.
Step 6: Calculate Other Defenses. These are always level+12 and "for every 2 points the ability score varies from the average, adjust the defense by +1 or -1". Well enough... but what's "the average"? 10? If so, his defenses are going to be MASSIVE. They have a base of 15, and the least score is 13 + 1/2 level, or 14, for a +2 bonus, giving us an AC of 15 and 17s in the other three defenses. Looking at the Goblin Skullcleaver's 16/15/14/12 defenses, I'm left utterly stumped. There is no possible interpretation of the rules as presented that leaves me with 16/15/14/12 defenses.
Step 7: Choose Powers. Direct enough.
Step 8: Calculate Attack Bonus. Direct enough. The formula for brutes gives us +6 vs AC and +4 vs other.
Step 9: Set Damage for Attacks. Easy, just look up the high damage value since it's a brute. 2d6+3 or equivalent damage range.
Step 10: Details. Fluff; ignorable for the example.
So we have a major breakdown on everything that has to deal with ability scores. We aren't told how to handle dump stats (which DO matter, initiative, skills, perception, hp are all examples). We aren't given a clear explanation of how to handle stat modifiers to defenses (refers to an undefined "average" stat). Finally, we aren't given any actual example of how to use the rules.