The breakdown is absolutely correct. If you play with the CD you will hear
it. The timing is tricky and I believe the second time through before going into the "One hand is bleeding" part he only plays the 1,2 and 3,2 portion.
Also, muting is vital to get it to sound correct and you really have to flow from chord to chord smoothly. Dave is

Breakdown
E:-----------------------
B:-----------------------
G:---2-------2-----9--9--
D:--------------------x--
A:---x-------x-----x--7--
E:-1-1-----3-3-----8-----