You're absolutely correct - although if they do have it indexed, it's certainly much easier on the researchers.
Actually - I worked on this project:
... and I can tell you first hand, not only is it not easy to crawl that much data, but then to index it, it takes not only time but computing muscle, and lots, lots, lots of disks. It took us roughly 1 and 1/2 months to collect the data using a Hadoop cluster with 100 nodes running on it, and then roughly 2 months of compute power (using 24 nodes, so, roughly a couple of days via the wall clock time) to index the data. And then factor in the resources you need to have to experiment with that amount of data. The hardware and IT maintenance costs alone for this setup is probably going to be more than the costs to run your experiments via EC2.