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Yes, that is how it works. As mentioned when i started the thread also, it was going to be altered so when a domain shows available, it would then display a buy now button, allowing users to buy the domain at your set price through the godaddy API. Bare in mind, you may not want to go this route, if so godaddy isn't the only option, there are a many others aswell. Choice would be left to you on that. Adam Timberlake (Wildhoney) who is the maker of this, would be able to produce this additional feature for a price which you'd have to ask for from him.
And just to note, a bid of $140 was recieved via pm.
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