That is correct. The code just tracks your pitch, roll, and yaw angles. If you want to do controls based off it you can with no problems.
I never use the serial monitor in arduino. I think real term http://realterm.sourceforge.net/ is a much better option. If you capture the data as a .csv file you can open it in excel and make graphs etc.
Also, this code should work for either v1 or v2 of the board.