Yes, right. is used in place here for what usually would be , e.g.
> =
> = (=)
> etc.
(As slang is usually more versatile, there are more expressions with , where isn't a valid substitution, e.g. . Also, note that isn't traditionally a positive interjection/prefix/etc., but traditionally used to embellish derogatory terms.)
I'm not 100% on the precise ordering, but is probably the most recent of a series of similar expressions
> (from )
> (from )
> {}
> {}
>
In any case, as you guessed, it is a stronger expression, just as in English:
> "damn cute"
> "really cute"
As you say, is just a short form of , as common with all "i-adjectives", => (), => etc.