Exactly right Brad.
Can't be sure that a "rebuild" means exactly the same thing on your side of the pond. However, over here per
www.doityourself.com :
you get a "like new" engine that has been completely remanufactured from the block up. In addition to using many new components, the block, crankshaft and other durable parts are cleaned and remachined to original factory specifications.
Typical new components:
■Gaskets
■Piston rings
■Lifters
■Camshaft
■Oil pump
■Timing chain, gears, belt
■Connecting rod bearings
■Main bearings Pistons
■Valve train components
Typical remachined components:
■Valves
■Valve seats
■Connecting rods
■Crankshaft
In addition, you often get:
■New spark plugs
■New air filter
■New water pump
■New hoses and belts
■New motor mounts
■Oil change and filter
■New thermostat
■New anti-freeze
■New fuel filter
However, it is best to ask your dealer exactly what they mean. Possibly only broken parts are being replaced and the rest left as is -not really a "rebuild".