9.2 documentation/configuration question

Hi All,

I've been asked to assist another group in our company and their db configuration is a little confusing to me. The
databaseis not replicated, but it is running WAL archiving. I've  
been looking at http://www.postgresql.org/docs/9.2/static/wal-configuration.html and my confusion regards the 4th
paragraph:

"The server's checkpointer process automatically performs a checkpoint every so often. A checkpoint is created every
checkpoint_segmentslog segments, or every checkpoint_timeout  
seconds, whichever comes first. The default settings are 3 segments and 300 seconds (5 minutes), respectively. In cases
whereno WAL has been written since the previous checkpoint,  
new checkpoints will be skipped even if checkpoint_timeout has passed. If WAL archiving is being used and you want to
puta lower limit on how often files are archived in order to  
bound potential data loss, you should adjust archive_timeout parameter rather than the checkpoint parameters..."

So, are docs saying that checkpoint_timeout is ignored if you have a value for archive_timeout or is it still used?
Thisserver currently has: 
checkpoint_segments=32
checkpoint_timeout = 5min #default
archive_timeout=3600

and I'm not sure these make sense together in light of this paragraph.
--
Jay