Correct. Basically all it's saying is do 1/4 mile sprints as fast as you possibly can - you are aiming for, consistently, a little faster than it would have taken you to run that 1/4 mile as part of a 1.5mille run. Then you recover for roughly twice as long as it took you to do that interval and then do it again.
You don't need to worry about getting bang on times and all the science milarky. Just go out and warm up, then sprint 1/4 mile as fast as you can, rest for 2mins30s and sprint back, rest, sprint, rest, sprint, etc etc.