You are absolutely on the right track.  Implied volatility is simply a measure of the price of an option that can be used to compare one option to another.  High is good for sellers, and low is good for buyers.

Bringing it home to the station, the challenge is to find out which options have implied volatilities that are *too* high or *too* low.  The way we estimate *too* high or *too* low is fundamental analysis to determine the expected value of the options on a long term fundamental basis. 

If you are a fundamental options investor and you are certain that the out of the money call you wrote is at a strike price where the stock is overvalued then, on a fundmental basis, those options are clearly overpriced, or implied volatility is *too* high.