Exactly. Once they migrate passes to Presto which won't happen until end of 2016.
It's like a metro pass but better. Your card can also do other things like pay for GO trains or fares on other systems. Eventually you might see migration in a couple directions. For example, in much of Asia you can use your transit cards in convenience stores or vending machines. Alternatively, the second generation Presto readers support NFC devices, so I imagine eventually you can load your Presto card in software on a mobile phone and just tap the phone to pay for transit.