Is the data only encrypted from my laptop to Comodo's server and then unencrypted at the Comodo's server and sent to the website that I am browsing unencrypted?
That's how it works if i'm right (Comodo's people will correct me).
If the data is unencrypted at Comodo's server before continuing its travels to destination -why would that me more secure than sniffers at the hotspot (i.e rogue or disenchanted Comodo employee doing the same as a potential sniffer or wardriver at the hotspot location ??)
One should definitely trust Comodo in order to use TrustConnect. And do not forget to study
EULA with all legal pettifogging (if any

).