I believe that is the story, yes. Something may have changed but last I read about it, that was the case.
edit: I read up on it and The Vision was actually created by Ultron.
The vision was created by ultron, using the original Human Torch's body and the brainwaves of Wonderman.
Oh, and btw, amp316 was talking about this i guess. Herbie the robot replaced the Human Torch in the 70's cartoon, because they were afraid that kids may try to light themself on fire to emulate Johnny Storm.
"You won't find Adobe here in Nairobi"