Not quite. It the bridge rectifier and electrolytic feed the input to the step-down regulator. The output is set to 5.4V, which feeds a diode OR and then an emitter follower to provide the regulated voltage to the LED strip. It was more cost effective to use a commercial step down regulator (75 cents delivered to my door) than adding my own to the PCB.
It is 4.5" long. The large electrolytic prevents any flickering before the super capacitor charges. It could be smaller making the board shorter, but this was the prototype that fits fine in my passenger cars. If I make anymore I'll probably use a smaller 1000uF.