That is correct, except that it is not 30 degrees of timing advance. It is zero advance. Setting the timing to "N" on a Novak motor will make the sensor output change exactly 30 degrees (or as close as can be labeled) away from where the back-EMF on the undriven winding reaches zero (known as the "zero-crossing" point) and where the back-EMF of the energized windings is at a maximum. Other manufacturers call this the 0 degree point, because it is the place where commutation would take place on a brushed motor set at 0 degrees timing.

ESCs for sensorless motors monitor the voltage of the undriven winding for the zero-crossing point, then delay 30 degrees after it is detected before commutating to the next drive pattern for the windings. Sensored motors are designed so the sensor output changes nominally at this point, so that the software on a sensored ESC doesn't need to calculate or time this delay.

Novak calls this point 30 degrees for the reason above. They also call it "neutral", because it is the point in rotation where commutation can occur that will result in the motor having the same free-running same speed in either direction, just like on a brushed motor set at 0 degrees.

There are many sources on the internet that describe the operation of brushless motors, and explain the 30 degree delay. Here's one example:

http://www.atmel.com/Images/doc7658.pdf

See sections 2.1, 2.2, 2.3, and 3.


EDIT: SEE POST #11 FOR CORRECTION!