That's pretty much it, when I can get 3 sets of 5 on a given weight, then I add 5-10lbs for the next workout. If I feel like making myself ill, sometimes I'll drop some weight, and do a set of 8 reps.
ie, here was my dead routine last week
3 sets 5 reps 535lbs
1 set 8 reps 455lbs
That routine has helped me to go from deadlifting 3 1/2 plates per side for reps (365) up to well over 5 plates. A lot of guys say you can't grow from sets of 5, but it does work for me!