To be explicit, this means there is NO NICS check by the FFL from which you take delivery of a firearm.Yep . . . plus, the permit information (5 year only) can now be collected on a 4473 instead of waiting for a NICs check to return a proceed.
The FFL simply enters your SDA License number (the official name of your CCW permit) on the 4473 and you leave with your firearm.
Be aware, you have the option of a 5 year or 10 year SDA License. If you get the 10 year option you can only use your license in this manner for 5 years from the date of issue. Only makes sense to a government bureaucrat.