Yes I believe it is the Creation of All Things only Naruto has one half and Sasuke has the other. They can basically, like Naruto said, do ANYTHING right now. Naruto just has the one of Yang and Sasuke of Yin. As far as the extent of their power is yet to be known.
My only gripe with those powers is if Hagoromo has traveled through time how come he didn't know that his mother would come back and just give each of them either his power and the other Hamaro's power so that they would be able to fight Kaguya??