Yes, that's what it means. It has been known for sometime that we would never get Honeycomb (but youdon'tknow that I guess ). Now that ICS has been released nobody will probably want Honeycomb anyway. ICS is said to be much much better than Honeycomb.
According to further research it looks like we can expect CM9 (no CM8 because that would have been Honeycomb) based on ICS in about 3-4 months. That will make it available in March or so.
Nice to have it finally out; looks like the skeptics were wrong. Good on Google for getting it out so quickly, and sticking to their word. Not that I myself will make use of it, but still - it's nice to know that those who will have got (or will get) their hands on it.