Yes, that is looking through the first lifter bore on the front side of the engine. I've drawn a line where the edge of the cam lobe is, and I've also uploaded it to tinypic for a better quality picture: http://i62.tinypic.com/2i8ycfn.jpg
The cam looked almost identical to the old one. I bought it off of rockauto under "98 Jeep Grand Cherokee 4.0" so I'd hope it's the right one!
Grabbed a picture of the old cam. Top lobe in the picture is the front most one. The wear shows that it wasn't centered also