That's pretty much it. The image circle (IC) is not static. First, it varies with the aperture -- so it's not the same size when the aperture is open or stopped down. Most IC sizes are listed at f22. The IC also varied with the subject distance. The listed IC is typically at infinity, but it grows dramatically the closer the subject is to the film. The other factor is the image quality. This is based on the manufacturer's standard. The farther away from the center of the image the light falls off and the resolution decreases. If an IC is listed as 500mm, that does not mean there is no image passed 500mm. It means that the quality does not meet the lens maker's standard -- but it might meet yours. And how far out you can go is up to you -- on some lenses it's not very much at all, but on others it's quite a bit.