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That is correct. However, when you coast in gear, you will slow down more quickly due to engine braking. So it is a tradeoff... if you are simply coasting (with no intention of coming to a complete stop), you will coast x feet when you push in the clutch, but only y feet when coasting in gear, where the y is normally much less than x. Since you've slowed down so much when coasting in gear, you'll now have to accelerate again to get back up to speed, thereby nullifying the fuel savings you gained while coasting in gear and using no fuel. Typically, when covering the same distance, coasting out of gear (or clutch in) will give you better FE than coasting in gear and then accelerating.
The x and y is going to be unique to your vehicle and your route, so it might be something you'll want to try out (some fuel economy instrumentation such as the MPGuino would be really helpful for this)
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