Yes mate, very similar. I like to use a stiff filament though as I found it tangles less especially if used with an anti-tangle sleeve on the hooklink. Also, the large ring, used so the mainline can travel through with as little resistance as possible, sometimes had the tendency to 'spin' leaving the mainline sort or trapped. It's not that much of a problem but makes it act as a fixed lead (not what I was after with the setup). To combat this, a short length of tubing on the mainline, blobbed into the bead to stop it slipping, works wonders!
I showed this to Mick the other week at Horseshoe. It's how I set up my marker float but incorporate a foot of leadcore (lead removed) to get over that spinning of the ring.