Seems like a good idea so far.
Only thing I would add, is something that would kind of edumacate people about what to look for in a good host. I have had a couple hosts since I started playing with websites.
I would say tech support/communication is an important factor. Someone that you can form a relation with, that can help (or you pay them) to install updates/hacks on various mysql/php programs. Or someone who can even help you figure out probelms on your wordpress install.
You shouldnt have to pay for a setup charge. Keep in mind that you always get what you pay for. Try to find out how loaded the server is. Some places can overload a server because its economically better for them. But for the functionality of the site, it hurts speed/load times.
Other lil things
Make sure to get cpanel or another good admin control panel. [Opinion: I hate dreamhost's admin cp. Its hard to do much in there. Cpanel is years ahead of there cp.]
having a support forum on their site is always nice. That way you can get a direct feel for how they treat their customers. And a forum in my opinion is one of the best ways to keep in contact with your customers for ongoing problems where multiple people need to interact.
Another factor is think about how easy it is to expand/contract.
You might want unlimited mysql db's but end up finding out that you only need one (wp install of course) and you dont need all the bandwidth. Or your site is growing big time and you need more bandwidth. What are the bandwidth overage charges? How easy is it to upgrade to a better plan?
Is there a fee for downgrading to a smaller plan?