Yes, each module is a PCB board, with amongst other things, a GN chip, a VRM, usb port, power connectors, mounts for the water cooler, etc.
Amy,
Does that mean than if the Miner protection program kicks in we'd be given modules? or is that deal still for GN "chips" and nothing else? As shipping day approaches it would be nice to have some clarity on the exact form everything will be taking. I had been planning to sell of my USB hubs used with my Block Erupter ASIC miners but if I might end up needing them it would be good to know. These sorts of things would be good topics for blog posts in the very near future.