Product replacement pending ?

hay guys
well i sent my phone into apple for repair and on the repair status its showing up with "Product replacement pendings " does this mean they will send a new product out to me or??


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Step 1 - Request
Product received (03-May-2010)



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Step 2 - Service
Issue identified (03-May-2010)



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Step 3 - Return
Product replacement pending (03-May-2010)