Yes, but that's instead of the "Select Benefits". There has been no written announcement about Core Benefits, which also include Lounge and Status Passes.

EDIT: Ah found it. Dunno if the wording has changed since the original, but it now says "However, they [Lounge Passes] will be obtained exclusively via Milestone Benefits for all Aeroplan Elite Status Members."

Still no word on other Core Benefits, eg. Status Passes.