Correct. It could be simplified even more.

It comes down to coding standards, personal preference and style.

It functions and performs the same as the following.

SELECT t.c.value('.','VARCHAR(20)') AS [Name] FROM @X.nodes('//Name[1]') AS t(c)

But if I wrote code like that then I'd have to comment for it my peers and superiors. So I try to right code so it is easier to understand and some what self documenting (If there is such a thing).