Brian--I think you are right.  I read the Backup Wizard too quickly.  It says
"Define Wizard Backup
You can select the type of recovery points you want to create.

*Recovery point set (recommended)
Create an intial recovery point with additional recovery points containing only the incremental changes made to your computer since the previous backup.  Incremental recovery points are faster and use less disk space than creating an independent recovery point.

*Independent recovery point
Always create a complete, independent copy of the drives you selected."