Correct. It's expected that the 10.5 will have the same 2732x2048 resolution as the 12.9, difference being that it'll have a higher PPI and smaller touch targets (identical to the mini).
It's interesting, as iPad apps that get blown up on the 12.9 look pretty bad. But I wonder if on the 10.5 when they're blown up they wont look as bad, because of the physical screen being closer in size to the 9.7, and because of the higher PPI. If that is the case, I wonder if developers will push to update apps to the Pro full screen resolution.
Also interesting here, is that when an app is in full screen it could be similar in size (well a bit bigger) to the original iPad screen, yet when it goes into multitasking the app will be the size of a full screen iPad mini, so the touch targets will all drop in size (similar to the 12.9 showing a split screen app in near identical size to the 9.7" iPad).
Anyway, it's all speculation. I wonder if they'll make more changes to iOS and encourage more dynamic app UI sizes (not that some of that already exists).