No... I'm not saying that at all. That initial device to device sync gets you setup with your wifi and iCloud/iTunes passwords. But you will still need to restore from an encrypted iTunes backup to get all your app passwords back as part f the new device setup. The individual app passwords do not come over with the device to device sync.
Oh okay, that sucks. I was sort of hoping that they'd come up with an alternative near-full-device migration method that didn't require iTunes.