O2: "2 years is too long to wait for a new phone"

Saw this on the underground today.

It is a rather compelling offering from O2 — if you’ve selected the right contract options (notably O2 Refresh in this context).

Does this mean that of you’re one of the millions of O2 contract customers currently serving out a 24-month agreement, you can simply pay off the cost of your phone and O2 will waive the line rental?

I think it does. I will do some checking.