That's what it sounds like. Also, when you change the channel, you get to finish watching that one obnoxious commercial you were trying to avoid in the first place.
PS: Somehow I doubt SmartClip will avoid collecting data about users. After all, the advertisers will probably demand that data, since it's the only thing that will prevent the sky from falling (or so they will claim).
Also, SmatClip will likely be tempted to do what the NSA is doing now: claim it's "just metadata" which "isn't as bad a 'data'". Heck, I'll bet they're doing that now. They probably won't sell this collected data until everyone forgets their claim to not use survailence on its paying customers.