Correct. And instead of fading off while the charging is catching up to the max voltage set point, the output of the opamp stays at 2.5 + 0.6V as long as it is limiting the charge current, no matter the output voltage (if you have no or only little resistance between opamp and OVP point). Once the current limit is lifted because the pack has reached the max charger voltage and the charger starts tapering off, also the LED starts fading because the opamp output is representative of the current (amp'ed shunt voltage) so if you give the opamp a moderate gain as for example suggested by S.B.D. here:http://endless-sphere.com/forums/viewtopic.php?f=14&t=36114&start=45#p528393
then you will see the LED not completely go off as soon as the current limit ends, but instead it will slowly fade with the current falling, for example it is at max brightness when the opamp output is 3.1V (for example representing 7A as with a NES-350-48) and extinguish when the charge current falls to about 3A (1.3V on opamp output)
Of course you can add one more resistor from LED to +Vcc and have the LED stay on a little longer, for example extinguish completely by the time the output current goes to zero. This pull-up also helps with the max current sourcing capability of the opamp. Luckily super-bright LEDs only need a few mA.
To get this effect, at the moment that the opamp output hits 0V you want the resisor divider from opamp via LED to +Vcc to present about 1.3V on the LED, so if the Vcc is 12V and you use a 1k resistor to drive the LED then you want about 8k2 to +Vcc. This last resistor is essentially a current source that continuously injects 10.7V/8k2 = 1.3mA into the LED. The opamp can add to it (when limiting it will be about (3.1-1.3)V/1k = 1.8mA sourced) or subtract from it, at 0V output the opamp is sinking all of the 1.3mA so there is nothing left for the LED.