We had a discussion about this when the announcement first broke in May [webmasterworld.com
...] - and yes, it's true. With SSL search there won't be any search terms coming your way via the referrer data.
However, it currently doesn't look like encrypted search is going to have mass adoption - nor does Google intend it that way. There are some situations (public wi-fi, for example) where having certain of your search queries open for eavesdropping might be a concern. That's the main reason for this offering, as I understand it.