I agree- this is what I made of it too, but wanted some other opinions. I think this is where the "call me the lord" is significant, as one who would like to be called the Lord would likely be under the influence of ego, and thus could not be at the state Guru Ji was ( ie one with the Lord). This would of course be because where an individual considers themselves as a seperate entity, they automaticall split themselves from God with ego, it is this ego that says 'I AM,' whereas one who is one with God could surely only say 'God is'
..ummm... yep- I'm not making sense again, so i better stop