yep that's true, if you only want most bugs fixed patch 1.4 or even better 1.5 would be enough for you. If you've got 1.5 you can also download GFO (Game Fixes Only) to fix most bugs that are still there.
But you really should take a look at the mods here, most are not just 'flashy new things like new ships or skins'. RSRDC for example completely rewrites the campaign to make it much more historical and fun to play. And RFB and TMO both make the game more challenging, RFB going for maximum realism whereas TMO takes some creative license.
And of course welcome aboard!
