Yep.
I learned about this in a course I took last semester (we used one of the Stimson books), and it does explain a lot. There was also something related, about the option for "moderate", where a lot of people take the approach of, "Well, I'm moderate about my political beliefs; I'm not a partisan nut like some of those people," and choose Moderate based on that, not based on, "I go for the liberal position on some things, the conservative position on some other things, and sometimes I'm in the middle or in a position that is a compromise of those two positions."
The McCain camp has done a really good job tapping into those conservative / liberal symbols throughout the convention. As stupid and unfactual as it all was, what is McCain identified with? "Conservative" themes of strength, service, patriotrism, etc. What did they try to associate Obama with? Weakness, selfishness, etc.
If I had to do a post-convention guess for what is happening, it is that the symbolic appeals (He's a war hero, a prisoner of war, he talks about honor all the time, etc.; what about that isn't appealing if you are an average person sitting at home, paying serious attention for the first time? He sounds like an amazing man.) have done a good job swaying Independents (which, as I said before, I think are more conservative than the label "independent" signifies mostly due to the loss Republicans have had in registration) and more conservative Democrats; Obama's job is to make the "operationally liberal" independents come back over.