Okay, I misunderstood how one makes a feed. How do I turn my DW into a feed that my friends can see on their f-list?

And maybe I'm misunderstanding some more but if I understand this right, if I set up the DW feed, people on my flist can see my new public entries, and if they click to see those, and want to comment, they can user their DW open id, at which point they can see any access only stuff, am I correct?