That's how I read it. The FAQ says that in all places the Codex says "power sword" it should be changed to "power weapon" and the BRB power weapon rules say to look at the model to see what type it is. The exception is Crozius, in most places the FAQ says to treat it as a power maul.
For Sanguinary Guard, I'm planning on running them with the Chapter Banner, 3 swords, an axe and 1 power fist.