No, it does not have all the power available in Blender but it is much easier to work with.... at least I always felt it was. I must confess that I haven't tried the newer releases of Blender, which is said to be easier to use.
Here is the text from the announcement and it sounds interesting...
4th June 2012
An updated version of OpenFX (2.2) is available. This includes some new items and improved features.e.g. More efficient ray-tracing, A new Bones and Weights systems for character animation and an improved mapping coordinate painting system. There are also additional imaging effects.
Get the program at the following site... I will post additional info if I see something new of interest...