Right, all the components are wired together by hand rather than on a circuit board. As for the selling points and being better than PCB, that's one of those eternal debates, like maple vs rosewood. But in short, PTP amps often are seen as being more carefully built, often use higher quality components (but not always) and are seen as much easier to troubleshoot and fix.
Here's a photo (from Winfield Thomas Amps -- I hope he doesn't mind my posting it. But you can probably see that a lot of skill and care went into building that):
