The R is used instead of a . so you are correct in thinking that 470R is 470ohm.
4R7 = 4.7ohm
4K7 = 4.7KOhm (4700Ohm)
47K = 47KOhm (47000Ohm)
You can use M for Meg-ohm too, in the same fashion. It's used because it's easier to read at a glance, instead of lots of 0's, and i'd guess that ordering systems tend to be alphanumerical, so the . could cause an issue with that :)