Yep. you get credited in 'Tourney dollars' though, so you cant withdraw them or play cash games unless you transfer them to real money
(for a 5% fee!)
Much better to leave them as tourney dollars and play them out in my opinion. Doesn't take long to turn them into real money withoiut paying a 5% commission!
Edit... there is no 'reg and un-reg' in these, once you win the satellite you are automatically registered (though this can occassionally take up to an hour if your unlucky) and you just need to find the tourney lobby and unregister.