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Yep, that's how it works. As Slayer said, it takes up an Artifact slot so it's very limiting in what else you can do with the character. However, I think that in the right build it can be awesome, and is much more of a force multiplier than a daemon weapon.
A Chaos Lord on a Juggernaut with Lightning Claw and Power Fist is still a beatstick, throw in a Talisman and he and his unit will move stupidly fast across the field.
Or you could take it on one of your 'tax' characters. A Dark Apostle leading a big blob of Cultists suddenly becomes a threat when it can move an extra 6" per turn.
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