This is correct. The very last autosave of each playthrough is what ME imports.
For example, if I have a soldier named Maria Shepard and play her to level 50 as a paragon, that's one import save. I then use new game plus and use that same PC as a renegade and she's level 60 at the end, that's a second import save.
When I start up ME 2, it will give me a list of imports:
Maria Shepard - Soldier - level 50 (list of various paragon choices)
Maria Shepard - Soldier - level 60 (list of various renegade choices)
When I import the character, I can change her class and appearance.
Thank you.
I just asked because I noticed the last ME autosave is from just before the final battle, yet the game also saves during the final cutscene where the last choice in the game is made.