Yes and no. You are correct that most such "manumatic" transmissions have a torque converter (the lone exception being the Ferrari F1 system, which has much more in common with a manual transmission than other systems), as they are, at the end of the day, automatic transmissions. That said, they can offer pretty decent facsimiles of manual shifting when the driver so desires, then go back to being fully automatic when he is feeling lazy. I am still more of a manual-transmission guy myself, but I can see the virtues of these setups, especially the ones (e.g., Lexus) that offer steering-wheel shifting buttons.