As per my knowledge you are right.
In NW 7.1 the Java Dispatcher is replaced by ICM and SDM is removed but not completely, now it is not used anymore for patch deployment.
Also in NW 7.1 'The fast channel architecture is used for the first time'.
Standard JVM is been replaced by 'SAP JVM'.
Refrence from 'SAP Basis Administartion HandBook'