Yep, you're right. Judging by the complexity (as the text beside it suggests) I'm guessing that pattern only holds the page url and maybe a tiny bit more info like the title of the page. Ie probably designed for adding it to your phone's favourites.
It's possible to put a lot more info in, have a play with
http://nfg.2y.net/system/qrcodegen.php
to make your own ones.
Haven't found any free software that decodes them yet though (
Axtel's doesn't handle this format).