That is incorrect.
The browser issues requests for all cachable content with a last-modified-date [or similar special metadata], the webserver replies with a 304-not-modified + empty body, if the file was not updated.
There are still HTTP requests sent, there is still network latency, there is still server processing involved. [Worst case scenario: For tiny JS/css/icon files, the latency might dominate everything and nullify the benefits of caching].
It gets more complex: Since a few years ago, Firefox stopped issuing HTTP requests ENTIRELY for some cached content. It speeds the load time but it causes caching issues.
Last I checked, chrome and IE didn't adopt this behavior yet. That may or may not chance in the (near?) future.
P.S. I felt like being pedantic about caching tonight. Otherwise, a nice article =)