No, you're absolutely correct, Jerry. My entire pack was soaked, every part of it. It was pointed out by Dale in the above thread link that a pack cover won't keep the foam back panel, the waist belt, or the shoulder straps dry. On the other hand, I would expect these areas would tend to dry out rather quickly once the rain stopped, since they are in close contact with your warm body.
I also think that the results from my patio test and Eric's relate to the different pack fabrics. A Talon 44 would certainly absorb more moisture than an Absaroka, and also probably dry out more slowly.