Yes... essentially that is it. This apparently indicates that the narrow space is just another travel lane on the road just like all the other travel lanes. Apparently this removes all the "segregation" issues and gives cyclists full access, without the aformentioned bias, to the entire roadway. Obviously, any vehicle not narrow enough to fit into this travel lane should not be there.

Somehow I have a feeling that drivers of mini-coopers and other smallish cars will be tempted to use this lane as any other travel lane.

This idea has not yet been approved by the MUTCD (essentially an auto-centeric organization that dictates the "approved" road markings to road engineers).

This may perhaps satisfy those that want to eliminate ALL bike lanes... essentially this erases half of the bike lane. Nice compromise, eh?