Um, no it isn't the same as the Fastpass system, at least as it was when it was stopped a few years ago. The last version of FP was a stress-inducing, headache-causing, overwrought system that made what was a relaxing and ideal trip into one that had you plan every second of where you had to be and when. In fact, it became a factor in us not wanting to go back after we went in 2018.Quite honestly, this is basically the same as the Fastpass system Walt Disney World has had for over 22 years, except now they are going to charge for it and you get even less than you did with the free system, because the most popular rides won't even be included unless you pay even more. It is outrageous and we can't let this mindless grasping for profit continue.
The first version was the easiest, where you got your ticket to return to that ride at a certain time and after doing so, you could get a FP ticket at another ride. This enabled you to make choices during the day depending on what you wanted to do and when.
The last version forced you to be somewhere at a specific time, and so far in advance that if you wanted to change it closer to your trip, you had to stress over if you could get a time for the ride (and if you couldn't, chances were that someone who reserved that time wasn't going after all forgot to cancel their spot or something that prevented you from getting that time).
Your option then was to stand in a stand by queue (a demeaning term as it is, since you paid the same amount as everyone else in the park, no less) and watch a CM load multiple groups of FP holders in front of you, despite you standing in this stand by line for hours.
FP started as a good and logical system, and they built too much on it to where it was making what was a relaxing and fun trip into a stressful one.
It needed to be levelled and rebuilt, and if it has to be like this to keep too many people from taking advantage of it, then so be it. Go to Universal and tell them you want to have their FP type system for free since you're staying in a Universal resort other than the high end ones. In fact, theirs costs more per day per person (and even then is still a better system - you go to a separate line and get onto each ride asap, while they also allow people in the regular line to ride as well - because the CMs there know how to board rides).
This change to the Genie and Genie+ system is actually something that has us possibly thinking of WDW again in the next year or so, because it looks like we won't have the high stress level we did with the last version of FP.