That seems right to me. In addition it seems that people who harp on Bitcoin's deflationary quality are failing to make a distinction between expected and unexpected inflation/deflation. In particular, I've noticed a number of people making the "deflation hurts borrowers" claim. This is only true if deflation is surprising and unexpected. Otherwise real interest rates adjust to take deflation/inflation into account.

The slow increase in Bitcoin supply is not going to surprise anyone, it's planned and well-known. Demand for Bitcoin should also become more predictable over time as the uncertainty is resolved and the currency matures, becoming less like a highly volatile penny stock and more like a stable blue-chip.