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Yes, but let's clarify something else too: if you have it in 24pN mode, then what David described is correct -- it'll image at 26fps, record it into a 24fps stream, and your footage would come in at a very, very slight slow motion with no audio.
But if you were using 720/24P mode, then what gets recorded is a 60p data stream with 26 unique frames per second. Audio would be recorded, and the footage would play back in real time.
It makes a huge difference to the look of your footage as to whether you chose 720/24pN mode, or 720/24P mode.