In a nutshell yes.
Labour was tainted for many years by the industrial upheaval that was commonplace in the seventies. The Conservatives made sure that nobody would forget those troubled times. The Conservative's though prior to 1997 had their own problems. They were rocked by several political scandals and after 18 years in government, they were pretty much past their sell by date.
Blair had moved the Labour Party very much to the centre ground politically and policy wise. He was an advocate of policy needs to be something to get us elected rather than something we like and think others should look at it and elect us to implement it. He even said that for a period of time, he would stick to Conservative spending limits if he came to power.
On top of his views on policy formulation, take into account that he was also seen as a fresh face with lot's of vigour who would bring much needed change for the better to Britain, he was looking good. Remember the song by D:Ream "Things Can Only Get Better." That song epitomised Labours message to the country.
Blair had also done his groundwork not just with the general public but with the other institutions that mattered. The press weren't as usually hostile to Labour as they commonly were in previous elections and he had courted industry assuring them that Labour wouldn't return to the old days of beer and sandwiches at No10 with the trade unions and leaving industry management etc out in the cold.
His efforts in conjunction with the negative image of the Conservatives paid off with a huge swing to the Labour Party and the rest is history.
Good summary, but the 'Things can only get better' reference brought back the image of Prescott looking totally uncomfortable when the song was played at the celebration.
At least he didnt try a 'Redwood' and pretend to join in