Your interpretation is correct, although there is a but (figuratively and literally!).
Your example as well as the ones given by clinch suggest that what is being said is not the only aspect, and in most cases suggest that you do not wholly agree (or not at all). In almost every case, such a construct begs for, or even mandates, a sentence starting with aber (but) following.
Es mag an Unkenntnis liegen, aber Dummheit schützt nicht vor Strafe.
Mag gut sein! Aber ich glaube es nicht.
Mag gut sein! Aber es ärgert mich, dass du tatsächlich Recht hast.
Das mag wohl stimmen, aber Du hast vergessen, dass …
For the most part, mögen is used to indicate liking people or things (Ich mag sie (nicht)), but it can also be used to express the liking (more commonly unliking) of actions, although this is very old fashioned, much in the same way as wollen:
Ich mag gar nicht gern zustimmen (That one is actually quite acceptable!)
Wohlan, ich will Dir helfen. (Unless you’re a 15th century noble, you sound like a total prick.)
Similarly, the Star Wars quote given by clinch is a perfectly legal use of mögen, indicating something akin to the French subjonctif, but it is also hopelessly outdated and overly exalted. Outside of a marriage speech, classic theater, or medieval real-life role playing events may very well make you sound like a bigheaded prick:
Möge Eure Vereinigung glücklich und fruchtbar sein! (works well for a marriage)
Möge das Jahr des Herrn 1375 den McLeods den Sieg bringen (beginning of the movie Highlander)
Möge der Herr Dich für Deine Sünden strafen (might have been a priest’s quote 80–100 years ago).
Möge unser Unternehmen auch weiterhin erfolgreich sein! (sounds like a narcissistic fool)
Mag er nur kommen! (expresses defiance)