Basically, yes.
None of the following should be taken as much more than my subjective perception between the two terms, but:
Famous has all kinds of cultural connotations that can be negative to the point of a person's fame actually being "infamous", usually well-known is used in a more positive light, but at lesser of an extreme of being known than if one is famous. Famous is usually thrown in with words related to wealth and money, celebrities, and pop-culture - things a common person might not know anything about. Well-known, while perhaps not personally experienced by a common person, usually signifies some form of personal experience with the person, place, or thing at hand.
