You're understanding is correct. It will not boost the power if you add a cab. I have plugged my SWR Basic 2-Way into it and it doesn't get quieter. It moves more air and sounds fuller.
That's exactly my experience adding extension cabs to my Cube: it sounds fuller, but not much louder. I believe adding an extension cab "splits" the amp, so you get two 50 watt amps at four ohms. (The schematic even indicates two power amps.) So, the only way to keep it at or near full power is to use a four ohm extension, and I've always used eight ohm cabs. With a high sensitivity four ohm extension, with decent cone area, you should get a volume increase. (A Schroeder Mini 12 would be sweet.) Ideally, Roland would introduce a powered 1x12 extension specifically for the Cube, like the D-BASS 115x for the D-BASS combos. I'd probably buy it.
I feel exactly like some of you other Cube users: the new ultra lightweight stuff is mighty tempting, but the Cube is so versatile, and so great for its modest power rating and size that it's difficult to give up. I still haven't gigged with mine, but with reasonable PA support I easily could. And mine has been rock solid reliable for almost five years, with regular use.
I've also tried it as a guitar amp, and it sounds great with my Strat. I couldn't believe it.
The models seem accurate too. I recently played a rock musical using an Ampeg B100R, which is supposed to produce a vintage Portaflex type tone. I really liked it, which started the GAS cycle. One night when I returned from rehearsal, I plugged into the Cube and set it to the "Flip-Top" Ampeg model. It sounded almost exactly like the B100R, and the Ampeg GAS disappeared instantly.
By the way, at 38 pounds, I really don't think it's that heavy.
Here's my original review after I'd had the Cube for a few months. It's post #23:
http://www.talkbass.com/forum/showthread.php?t=228865&highlight=roland+cube+review+swr&page=2