Yes, approximately. Please read the start of the 1993 paper to get the exact details, reading them gives a clear picture what has to happen when:
- Alice has a particle 1 of which she doesn’t have to know the state (if her task is just to transmit it).
- Then she prepares the entangled pair of particles, 2 and 3. Then she sends the particle 3 to Bob (the first transfer limited by the speed of light).
- Then she does the “measurement” of 1 and 2 together. She can get one of 4 equally possible values from that measurement. That value is “classical” information, and she has to transmit this information to Bob classically (the second transfer limited by the speed of light). Here, the initial state of 1 is destroyed.
- The information about just the initial state of particle 1 Alice never sees (during the procedure here described). She sees the result of the measurement of the combination, and the measurement results in the 2 classical bits of information which are completely random!
- Bob can use the particle 3, which he received from Alice, and the “classical” 2 bits, the result of the measurement which he received from Alice, to produce the final state which is identical to the original state of the particle 1.
That’s what they gave a sexy “teleportation” name. In reality it’s more complex and harder then just sending the particle 1: “A trivial way for Alice to provide Bob with all the information in |ϕ> would be to send the particle itself.” At the end of the “teleportation” the result is similar, it’s only the communication that’s more complex (“in separated parts”): she has sent first the particle 3 that is not the starting particle 1 itself, and then she has sent the “classical” 2 bits of information, but which are for anybody observing only them, random. The particle 3 she has sent was a half of the entangled pair, and it doesn’t contain any information about the particle 1.
That’s why the first practical use imagined was some kind of “crypto transfer” — the stuff being transferred is “decoupled” from the initial state of the particle 1, particles 2 and 3 were independent of 1, the classic 2 bits are “random” and usable only to Bob or whoever obtains the particle 3, the initial state is first destroyed at the source, and (speed of light limited) later restored at the destination, the Bob’s side, and that’s the “only remarkable” part of the whole process. If the attacker snatches the particle 3, Bob won’t receive it, so then he can know that somebody was interfering, and if somebody snoops only the classical 2 bits (which can’t be detected, as by reading the classical bits no information gets destroyed) because all 4 values are equally probable, they are completely random to the attacker.
I haven’t read the recent development, but the practical implementation of the above setup had to send more than one particle to make sure the transfer is reliable, and if the attacker managed to get only one of those and the 2 classical bits, he could actually reconstruct the initial state without Bob knowing.
It’s not so “mysterious,” “spooky” or whatever, and it’s also mostly connected with the Star Trek thing by its name, but not more than that.
