I'd debate the phrase "step back". If you replace all your references to PAGE with URL, you get closer to a real meaning.
URLs for single-page applications are a serialization of application state. The fact that we now have an application platform (JavaScript/HTTP) providing sharable, mostly-human-readable state sharing (URLs) and is also indexed and searchable is nothing short of incredible.
Yes, the basic abstractions we use are the same. We will have URLs that address content in our applications. But now these are applications running on Google's own servers. Google is running my application (and hundreds of thousands more), and trying to understand what they mean to humans. This is a pretty amazing step forward.
Imagine Apple announcing it would run all iOS applications, interacting like a user to build a search index. IMO, this parallel shows what makes Google's commitment to running JavaScript apps exciting.