WII-U - Cloud Ownership????

Am I hearing this correctly???

After you register your nintendo-ID (ie gamertag), and you buy something on their store (which is pretty silly and barebones at the moment), the game you download is not registered to your account? What I mean is, that if your system dies, and you get a new Wii-U, and you fire it up and load your Nintendo-ID, that all the stuff you bought is gone since your on a new system, and you have to rebuy the games again?