Your are right, or would be, if Rand actually said this. In Rand's philsophy, the group has no importance at all. Importance pertains to one only class of existents in this world, beings capable of having purposes and ends, and all importance relates to the significance of things as they relate to each individual's purposes and ends. Groups have no purpose or ends, only individuals do, unless, of course, you are a cow, then the herd (group) matters.
Hank
Some do. Others just become President.
(Sorry, couldn't resist)
Sebastian, I strongly agree with your analysis. The only thing I would change is the word "collective." It's a loaded word these days, one that induces knee-jerk reactions because of its "emotional charge," owing to its proper association with truly collectivist/totalist systems. Put "society" in its place, and the meaning becomes clearer.
One of the problems I have with Ayn Rand is she utterly strips the human person out of his environment -- which is, of course, society. In doing that, she makes man an abstraction. She sets up a false dichotomy between the primacy of man or the primacy of society. This is not how the world words. This is not an "either/or" situation, but a "both" situation. The trick is to find the proper balance between the rights/needs of the individual, and the rights/needs of society. John Locke was aware of this problem, but Ms. Rand seems to overlook it altogether. (E.g., under Lockean contract theory, individuals "give up" certain rights in order to participate in civil society.)
I loved what you had to say about man finding "within history lessons and debts that can never be repaid." Ms. Rand will have none of that; she absolutizes and radicalizes reason, alleging it sufficient to answer all human problems. So the human past and its experience is largely irrelevant to her. In a certain way, she "ends history" just as rigorously as Marx and Hegel do.
Lastly, I think you are so right when you say that "the individual discovers that in order to be fully human one must adopt some purpose larger than himself." Ms. Rand finds man to be an end-in-himself. Therefore, he really owes little either to society, or to God -- the latter of which of course, as an atheist, Ms. Rand regards (as do Marx and Feuerbach, et al.) as pure, irrational superstition.
Great post!