Snapping Vertices to grid doesn't REALLY snap them to grid?

[Tomkat]

OK, I set my minor grid to .01 - therefore, if I snapped all the vertices to grid in my project, then I should have no vertices with more than 2 decimal places in their value, correct?

However, when I open the .ac file in notepad, I see this...

OBJECT poly
name "object"
loc 2.80706 -3.1725 -3.23127
texture "D2WAL02.bmp"
crease 45.000000
numvert 3
31.3229 16.7325 30.4313
31.3229 16.7325 40.1913
31.3229 6.5025 30.4313
numsurf 1
SURF 0x0
mat 0
refs 3
2 0.37 0
1 2.99648 1
0 0.37 1
kids 0

Can someone explain what is going on? What good is "snap to grid," if it doesn't REALLY snap to grid?