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Pretty much. For our much smaller home-use quantities, I've tried using it as a breakfast cereal (hmmmmm) and using it to make a whole-grain bread - but even making 5 gallons of beer at a time results in 2-3 pounds of left-over grain.
I'd guess the big breweries sell the waste to feed processors, so it might not be free anymore.
Homebrewing is an excellent excuse to buy a grain mill, btw, and then you can grind custom grains for your chickens, too AND make beer. Living in the Pacific Northwest I'm somewhat of a beer snob, and the price of my favorite microbrew just hit $11 a sixpack - but I can make a version of it that taste pretty much identical for about $25 for 50 12oz bottles (of course, since I've been doing this about 5 years, the cost of the equipment - about $175 - is down near zero).