It's how I understood things. However, without possibility to invite collaborators (to ScribTeX), there is not much use for me. That said, I used it, liked it a lot, started paying for it... just to discover that I cannot use it (in terms of, well, collaboration) anymore (so I quit paying, but with a bitter "you should have warned me when I wanted to pay, not only in the Sign Up form").

Anyway, I'm looking forward to see git stuff at ShareLaTeX.

Or writeLaTeX.