Yeah, gotta pay for the upgrade to get the full version but the one included with Producer is pretty useable IMO. The upgrade to the full version is well worth it though if you are guit player.
I think the confusion comes in when you see the TH2 Pro or TH2 Producer monikers. Makes it sound like it's the full version but it isn't. If you are going to upgrade keep an eye out for the upgrade discounts. I got mine for $99 and now I can upgrade/crossgrade to MarkII and the Breverb stuff for a decent price if I could ever scrounge some dough.