Use Logged In User As Author

There is a setting under the Post Title Advanced Options to "Use Logged In User As Author". I have a form that is on a Private Page.....if a contributor (which CAN see private pages) is logged in and fills out the form, does this setting mean that they will be set as the author of the form? I'm hoping that this is the case, however, I'm confused, because I read in another forum post that the user log in cannot be detected by the form? Please advise. Thanks in advance.

* I have developer's license and am using the latest version of 1.5

Awesome....that's what I thought, but I didn't want to go and change my form for no reason! Thank you.

Now all I need to figure out is how to add certain fields to a form (for a logged in client) that will add the data to their user profile.....for example

user has not entered his/her first name, last name, etc. when they originally registered, however, I would like to grab it on another form and input it into their wp-admin profile.....is their an add-on in the works for this? You know...for those of us who weren't smart enough to use Gravity Forms from the beginning.....lol