No its not actually. The scope of the legal agreement is undefined and may or may not encompass bits of the framework which mono implements or may implement in the future. So don't count on it, which is what our rather expensive lawyer told us.
Some portions of the framework are not covered by the promise but Miguel mentioned something about Xamarin still having some kind of protection the project had when it was at Novell. Does anybody have any information that can prove/disprove this?