You also need to be aware of any installed modules in the DesktopModules folder as well as all portal folders (Portals).

I've moved many installations with multiple portals at PowerDNN by simply backing everything up and handing it to them (via FTP) and telling them the portal alias's.

I'd recommend simply moving the entire DNN folder structure and files - just so you don't miss anything - or find you had a different version of a certain module.  And then yes - simply modify your connction strings in the web.config to reflect the new db server and username & password.

Should be quite smooth!