Yes, it is better than a French press...less bitter and it can be stored in the fridge. The coffee does not get bitter with cold brew becasue the grounds have not been heated in the brewing process. It is a simple process but it takes 10-12 hours to sit, steep, and as you say "liberate all the tasty oils" prior to the coffee being ready.
Cold brew uses ground beans. We use the Toddy package and order the pre-ground beans at the Toddy website. We have found that even the most course grind at the store is not course enough, but I know others who have found the course grind at the store is adequate. Try it, we have used this for 7-8 years.