No, your senses do not deceive you. Ubercart is now integrated with the Rules module! Rules has long been the standard way for Drupal sites to take actions as various events occur. Rules 2 for Drupal 7 will bring even greater flexibility and power to site administrators than ever before. And all of Ubercart's data will be available through the Rules interface and API.
Ubercart is being developed with the latest versions of Drupal and Rules, so if anything breaks during testing, it shouldn't be long before a fix is available.