Close. Lots of other companies were also hiring pretty high tier talent as well, and had intense focus. Google's success came down to effectively executing across typically disparate disciplines. You have hard core research level CS eggheads, you have top tier software engineers, and you have state of the art data center operations. In a typical organization these groups have competing interests, they fight amongst themselves and in the end some sort of compromise is reached that allows everyone to grudgingly get along.
At google these three groups worked hand in hand and complemented each other's work. The eggheads came up with page rank, the coders figured out how to make pagerank scale through massive paralellism via sharding and mapreduce, and the data center folks figured out how to make sharding cheap and fast through commodity pc based servers and massive amounts of automation for management. In the end everyone was working at the top of their game to help everyone else. The result was that google was able to deliver better results (pagerank) faster (mapreduce) and cheaper (automated commodity hardware datacenters) than the competition.
There were lots of other fine details that led to google's success, but in the end those core factors are what allowed them to deliver a better search experience to users (better/faster) and to be more competitive in the marketplace (lower cost per search means more profit even with lower per search ad revenue).
No one else in search was pushing on all the right pressure points the way google was, and the rest is history.