It's true. Usually, the first time you see Everest is from the Everest View Hotel (a small hike up from Namche Bazaar) -- so around day 3, depending on your speed -- and then once or twice more on the approach to Gorakshep.

From there, you either hike up the Kala Patthar view-point which has that famous panoramic view of Everest, basecamp, and all the surrounding peaks... Or you trek around the canyon and begin the approach to EBC itself.