Correct. Bernie wanted too much money up front so Indy lost its F1 slot.
Right now, the Austin circuit is pretty much graded dirt. It's another Hermann Tilke design, so it has the potential to be crap, but we'll hope for the best. I think the move to November was an effort to avoid the June heat in Texas as well as giving the circuit plenty of time to get finished.
With all that said, it is an F1 race in the US, so it will be an awesome thing.