Yes, that's what it means - at least regarding this patent.
A quick skim over the cited prior art makes me think that the application was anbandoned, because there were to many other documents that described this or a similar invention. Therefore you should carefully check those and other patents. Some of them may have claims that encompass this invention or parts of it.
In other words, the application was (probably) abandoned because there were already other very similar inventions and the examiner thought this one was obvious over those others. Therefore the other inventions that were made prior to the patent application you asked about could even be claiming the same thing.
As to a time limit for revival, the law provides that an application may be revived if the delay was unintentional.
Afaik someone producing the invention while the application was deemed abandoned may not be attacked with the patent even if it is revived and granted, but I'm not sure about those US technicalities. Someone else will have to fill in that knowledge.