Yes and the layout of many websites have moved to this narrow format which irks me a bit, and something I will have to live with. I am guessing it is better for mobile users and not having to worry about scaling horizontally. If you are on a machine with a 4:3 screen or similar I am sure it goes fine too but for 16:9 or similar a lot is wasted.
It's basically 'fixed width' vs variable. It's much better in the long run because the page layout is predictable and much easier to kept tidy and effective. Those who are used to browsing full screen on high res or widescreen monitors it's a shock at first.. but you get used to it sooner than you think. The pros far outweigh the cons for the site administrator.