Yes. Although it occupies the 'execute' bit location and is shown as 'x' in most listing tools, it is not actually 'execute' in directory context.
Think about it - you cannot 'execute' a directory - it must mean something else!
It is often called the 'traversal' or 'cross' bit in some Unix texts - cross fitting well with the 'x' symbol.
What it means is that you can read meta data from within the directory, effectively meaning that you can traverse, or cross the directory boundary.
But alas, everyone does still call it the execute bit.
Last edited by astrogeek; 03-04-2015 at 06:30 PM.