This is exactly it. On a related note, look at how fast food restaurants no longer sell fast, cheap food. Instead they sell experiences. McDonalds has the McCafe thing, and even KFC is trying to rebrand itself as something more like Panera Bread.
We have moved beyond the point where the item itself is readily available, so what is desired now is the experience that goes with it.
I think you overstate the case with fast food -- lots of their marketing still seems to be about fast and cheap -- but to the extent that it is less focussed than that in the past I think it is because fast food outlets are marketing to differentiate themselves from each other because they are ingrained enough on culture that they don't need as much to differentiate from traditional restaurants.
We have moved beyond the point where the item itself is readily available, so what is desired now is the experience that goes with it.