If it just says 'approved' with nothing on an extra line, that's it. Congratulations!
If someone gets offered the JSV, then the online status has more, talking about a work visa.
When you get the AIP details, through the post or in an email, it will give you all the details of what you need to do. You will have six months from that point to send your passport in to have the visa label stuck in, and when you have that visa, you have a further 12 months till you MUST have presented your passport at Immigration at the airport upon arrival, to activate your Residence - that cut-off date is printed on the visa.