Pretty much...the Senate actually amended the bill ("gutted" according to Harper) then passed it at 3rd and final reading. Because it was amended it would have gone back to the House for approval. Prorogation prevented that from happening.
So...it will likely be re-tabled in it's original form, in March, likely pass the House in similar fashion, but because of the new Conservative Senators, not be amended this time around by the Senate...
This all took about 11 months or so...half in the Senate, so that will be sped up considerably with the imminent Conservative *plurality* in the Senate, so unless there is an election or another prorogation in the next 6 months or so after March, the not-watered down version of this will likely pass in 2010.
Good thing you voted NDP eh?