It pretty much is... it's their way of sneaking the 'home automation' core/aggregation box into people's homes masked as a wireless router (for now).
I'm sure the capability you mention will come heading into the future. The only question will be : execution/security and will a competitor come up w/ a more secure/well executed product which won't serve as a data vacuum hose to google.
This kind of product launch on the heels of their massive alphabet re-org with no understanding where it came from (division wise) or what its goal is leads me to question whether the re-org is really going to move google beyond its former execution flaws ...