It would be 2 GPUs yes.
The reason I ask is because I have a GA-P55-UD3 with an ATi 5850 atm, (Running in the x16(x16) lane) and it has a 2nd PCIe x16 slot, but it states x4 electrical.
I am not too fussed either way (from what I can gather the performance hit is only 5% or less), but just wondering