A true statement, but talk about understatement...Wow!
The original was supposed to be 1st person rather than overhead (so as to only show what your character sees, rather than see the whole area as if you had a spy drone at your disposal), have all the D&D minis rendered into 3D figures, have 3D terrain and objects, realistic lighting effects, and be able to import your personalized 3D character into the environment, along with the basic tools required to run a game session.
Instead, it's a basic 1d overhead map program with the basic tools to run a game session. And it's almost three years after the original demo...
"It's the same concept of interconnected tools to facilitate a D&D session, with a different look and feel." - I don't know if WotC's PR skills have gotten better lately or not (as I don't really follow Wizards anymore), but their ability to spin has definitely increased. (For the record, I do not see that as a good thing...) Do they really expect people to read that and just go "Oh...okay..."
The correct answer to:
"Is this VT the same virtual tabletop we saw demos of when 4th Edition was announced?", would have been: "No. This is basically the same as other virtual tabletops you see around the internet and provided by other companies and services,
just with 100% official 4E support and connectivity with DDI's character builder and our future monster builder." That last part is the only thing that separates it from other VT's, and has absolutely nothing that a non-4E player would be interested in. (...and on a side note: didn't WotC's own polling show that customers actually wanted the monster builder and other features first?

)
As a non-4E player, a VT with a three-dimensional first-person environment with variable lighting effects, 3D terrain and objects, and customized/personalized miniatures and figures - would give me a reason to go to Wizards.com rather than sombody elses site. However, this Virtual Tabletop? Not a chance.