yes - that's the way I interpret the phrase - "typed relation" === registered/well-known link relation values.
they are "typed" in the sense that they have a fixed meaning (stylesheet, edit, home, search, index, author, next, etc.) that is shared via registration/documentation
they are "relation" values since they are commonly used to indicate the relation between the currently loaded representation and another (e.g. "this URL points to the next page").
BTW - Fielding's comment on that blog post on this topic is, to me, quite important:
"When representations are provided in hypertext form with typed relations (using microformats of HTML, RDF in N3 or XML, or even SVG), then automated agents can traverse these applications almost as well as any human."
to me this describes responses that contain hypermedia controls w/ identifiers machines can recognize/interpret. this sets some expectations about how automatons/bots should operate in a REST-style system. i think this is quite a challenge -- something i don't see people doing very much at all. and would like to see a lot more of!
cheers