Yes, it is my understanding from the reading that the character must start out as a sixth level character, but that they will actually have four levels worth of stats and bonuses.
I've got two issues with that. One, that means they have four levels with no distint benefits (no bonus feats, no spells, no exceptional skills), and then they have two levels of nothing? Nothing at all, no hit dice, skills, saves, BAB, nada. This just isn't very fun to play! The second, is that they have chosen to make the Ogre a +10 strength bonus. +10? That's huge. It's hard to imagine anyone ever playing a fighter that won't take Ogre automatically. Not that this is a bad thing, just a dramatic change for DnD. Why, from a design perspective go that high? Why not cap it out at +4 or +6? Whoa.
Interesting note, the first thing I thought of when I saw this sidebar was the EQ RPG. There is an excellent Ogre race in that game. The game is very well done. Could this be a move to shore up the main-line game to keep pace with competition? Is the timing simply ironic? A combination? Your thoughts?
As far as playtesting goes, and what will change. It sure seems like they're hitting all the "hot buttons" with their initial discussion. If you went to Wizards Messageboards, or did a search at EN World, I'm quite certain you could get a pretty clear map of what will be changed in 3rd Edition. All the stuff that people have complained about being broken, is what we'll see getting fixed. Rules that are there strictly for flavor, or don't seem to truly add any power...will all get fixed. As far as the rules for building your "own" races and prestige classes, I'm not holding my breath. I don't think we're going to see much beyond what's been published in Dragon Magazine, in the splatbooks, and on the website. It will be a little more polished and with a nice consolidated presentation, but I don't see them presenting us with a player's option: skills & powers listing of each ability, and it's relative cost, so that we can piece together exactly what we want.