Yeah, Its kinda like that. The hydraulic fluid is separate from the rack grease on the Hondas. SOME fluid is left in the unpressurized hydraulic system to keep it 'wet', but not so much that you are fighting it through all the valves. The actual grease for the rack is always left as it originally was.
Here's a good writeup I found:
http://honda-tech.com/zerothread?id=184202