No. I think the interpretation everyone is going with is that it gives you a +1 spellcaster boost on even levels, and +1 CL on the odd level boosts in between.

So, if you were a 5th level wizard to start with, and you had all 10 levels, you'd cast spells as a 10th level wizard, with the CL of a 15th level wizard (for determining things like duration, spell penetration, dice, etc).

At least thats the interpretation I'm going with. If not, well, my build just got a whole lot more powerful...