That description looks exactly the same, Cthulhu, unless I'm missing something. And besides, Pathfinder is bland and homogenized. =(
Telepathy is not Detect Thoughts. Telepathy can 'hear' only thoughts that are purposefully conveyed.
Telepathy is two-directional. It allows 'speaking' as well as 'listening' even when the telepath's conversation partner does not have a similar ability.
By RAW, Pseudodragons CANNOT read thoughts beyond those purposefully conveyed as part of a telepathic conversation. There might be some cause (beyond mere whim) for a DM to choose to houserule a capability beyond conventional telepathy.
|Err...'bland and homogenized'? Its nearly identical to D&D...|