Permanent Or Conditional?

[yabadaba]

My wife was granted a US immigrant visa, what I assume to be conditional resident CR-1 because we've been married for less than 2 years, but at the bottom of the visa it says something like " valid for one year of permanent residency when endorsed" (not verbatim). So what does that mean? First of all I thought she was conditional not permanent, and secondly I thought she'd be conditional for two years until she files the petition to adjust status.

By the way, for those of you out there who are wondering how long this process takes, the visa was granted in 10 weeks from the time I filed the petition for alien relative. Very fast and probably not representative of the average processing time.