Very similar in many respects yes, I based the image originally on a fork of OpenViX but with some bits added and some bits removed to make VIX4E2PROJECT what it is, the idea being to create a stable image first and foremost with good backup from its addons server but with a couple of major differences to OpenViX in that there is not a new version out almost daily, only when a new release is really warranted and also online update are removed as it's one cause of what can cause major problems in favour of online image flashing and full settings backup and restore, meaning you can generally be as up to date with the image as you want including all your personal settings within a minute or two and all without leaving your chair.
The only other things worth mention where I have taken the VIX4E2PROJECT down a slightly different route to what I forked it from is I have included NFS, Samba, NTFS-3G and rt3070 WiFi support as standard which in simple terms means you will be able to access shared drives and the receivers share over your local network, auto mount a HDD even including one formatted as NTFS along with having some popular chipset WiFi support, all included straight out the box so to speak.
The latest build is 007-blue which comes with the Blue HD skin as standard.
You flash this image just the same as any other. Once flashed it will boot up to the usual setup wizard ready for you to start setting up as you wish.