That's half the story. At one point that was how I understood it too, as it's easy enough to come to this conclusion simply with a bit of reasoning. But there's more going on... even the original cells that are pitched into the maltose-lacking medium (as opposed to being a "descendant" of these cells) can LOSE the ability to produce the necessary enzymes (as he actually touched on above), so it's more than simply a result of natural selection, though that does indeed happen as well.
Right. It's not just a matter of natural selection - yeast that are raised in the absence of maltose can lose the capacity to produce the necessary enzymes, probably due to altered gene expression.