Yes, I believe you are correct, I got slightly too excited. (: It's on a highly elliptical earth orbit at the moment. The second big test is doing a long stage 2 burn after passing through the Van Allen belt. I believe that will take place in 6 hours or so.

It's not that elliptical (at least not for another 5 hours or so when burns resume)

It is quite elliptical. Right now the second stage is in GTO, with an apogee of 7000km and perigee (presumably) of ~200 or so. When it arrives at apogee, it'll reignite and go hyperbolic, onto a trajectory that escapes the Earth's SOI - then it will no longer be in Earth orbit.

Driving around looking for a free parking spot