No, it's completely different, just gets broke down the same way. It's coconut husk and it comes in a big compacted brick. You just need to get it moist or it's a pita to break apart. It makes quite a good amount of substrate once broke down. It's no where near as fine as the stuff your talking about.
i use reptichip as well and it blows everything else I've tried away! I have my snakes in a rack so humidity is never really an issue but the main reason I choose my substrate is odor and easy of cleanup. With this stuff, the snakes are never soiled with their mess, it absorbs it very well, and if you don't get around to spot cleaning for a day or two, it absorbs the smell very well also. Every other substrate I've tried, my snake room always smelled even spot cleaning daily. With reptichip the room is smell free 99% of the time, that's a huge deal for me.