Slightly different, it doesn't carve it out like a CnC, it cuts out a pattern on sheets of paper, then glues them in sequence. This changes the properties a bit.
It'll be more wood-like, but might have some compression issues. It'll have lateral strength but not compression strength as do most layered composites like what they're making with the 3D printer. Basically that means you might be able to warp it by pressing down on it, but side-long it'll have the same strength as wood. Course that could be solved by their printer itself.
It wont be as strong or as durable as a more traditional PLA or ABS printed object, but it may be cheaper and more accessible for people who don't want to invest in a printer themselves. Should also be a cheap way to rapid prototype for a mold as well.
Late Edit:
Some additional material from their YouTube channel
ideas on the level of detail:
http://www.youtube.com/watch?v=wYyW3gS7rEA&feature=plcphttp://www.youtube.com/watch?v=bnn-ACoMw4w&feature=plcp