Yah, the entry angle is actually kinda tight and is/was referred to as the reentry corridor; in this article from Air Force Mag in 1961, note the narrow corridor height. You may also recall the Jules Bergman example from the Apollo 13 movie where he noted that the corridor was equivalent to the width of a sheet of paper placed against a basketball...so yes, in many cases the rock will skip off the atmosphere.
From: http://www.airforce-magazine.com/MagazineArchive/Pages/1961/August 1961/0861space.aspx
The main aerodynamic objective on the Apollo and all escape-speed reentry vehicles is to develop the maximum possible lift with little regard for drag. Maximum lift occurs at very high angles of attack for all vehicles at hypersonic speeds. Therefore, the Apollo will reenter the atmosphere with its nose up at a thirty-degree angle of attack or greater. Its drag as well as lift will be very high so that its lift/drag ratio is low. For this reason, escape-speed reentry vehicles are often called high-lift high-drag configurations.
High lift is necessary on the Apollo to widen its reentry corridor and to relieve the requirements on its guidance system. The dramatic effect of lift in widening the corridor and increasing the safety of moon vehicles returning to earth is best illustrated by first considering the ballistic vehicle which cannot develop lift.
The ballistic vehicle returning to the earth from the moon must fly down a corridor only eight miles high just above the atmosphere, if the maximum decelera+tion load is limited to ten Gs. If the vehicle comes in slightly above the corridor, it will travel past the earth and begin to orbit out through the Van Allen radiation belts. If it comes in below the corridor, the reentry angle will be too steep and the vehicle will go into dense air too quickly where the deceleration will reach overload proportions very quickly.
The only method of widening the corridor for the pure-drag vehicle is to increase the deceleration load. If this limit is raised to twenty Gs for a very short period, just about the most the pilot can take, the safe corridor becomes twenty-two miles high. The guidance tolerances of this corridor are almost the same as those required to send an ICBM nose cone 5,500 miles and have it hit within one mile of its target. In other words, the ballistic reentry vehicle is marginal for the trip to the moon.
From: http://www.airforce-magazine.com/MagazineArchive/Pages/1961/August 1961/0861space.aspx