True, yes. However, I also feel that the three lifetime model does a major disservice to paticcasamuppada, and in doing so, a major disservice to anyone who wants to understand the this-that conditionality (idappaccayatā) which must be understood if anyone wishes to attain stream-entry.
When comparing models of paticcasamuppada we most commonly hear and talk about the nidana that involves jati, and what jati may or may not mean, and we see some of that in the discussion above. However, I feel the gravest injustice is to reduce vinnana to rebirth-linking-consciousness, and to reduce nama-rupa to some kind of arisen "mind and body" pseudo-self.
IMO, the most interesting end of paticcasamuppada is the first half, and to artificially cleave it across two lifetimes, and reduce the aforementioned mutual dependence of vinnana and nama-rupa (and associated Sutta similes, such as the whirlpool, or the two sets of reeds) to something as facile as "past karma caused rebirth-linking consciousness to occur, which created this body with materiality and mentality" is to miss the point so egregiously, that we may as well toss the whole thing in the bin at that point, nevermind what could be said about jati down the track.
The point, if it's not clear, is that it's not about any kind of cosmic kammic transmigration, but that paticcasamuppada is precisely about what it says it's about - dependent arising. Thus, it's about the arising of ignorantly (avijja) fabricated (sankhata) things, and how their arising causes this whole mass of suffering. In cessation mode, it is about how by removing ignorance, there is the cessation of sankharas, which in turn brings the samsaric delusion comes to an end - resulting in nirodha, aka nibbana.
I realise I'm not mincing words here and that won't play well with the genteel who find virtue in public displays of perplexion, but I figured it was good to speak frankly in order to establish the main themes and their significance, as they appear to me. I'm happy to explain any of the above in more detail upon request.
Metta,
Paul.