Yes, but it's even better. It had different colors to show you how large the fish is or how close the fish is to your bait. And unlike LCD's it's on real time. Most LDC's are delayed. And now there is an improved version. To see your little tiny jig down there moving up and down and as you pull it up seeing a blip follow it is cool!
One thing you southerners may not be aware of is after observing fish with the new underwater cameras it's been found that coldwater fish bite so light many times you don't even know they have inhaled and exhaled your bait. You can have a tiny float on that never moves even though a fish is on. Same with spring bobbers. The Vexilar lets you know a fish it there and that will help you catch fish.
A lot of the guys that use the Aquaviews are saying it really puts fish on the ice. Personally I find the cameras a distraction and have actually seen them spook fish but they have shown how light fish bite in frigid water.
I've used the Vexilar in openwater while jigging over the side of the boat. Unlike the LCD's when it shows fish they're there baby! I've gotten lots of false reading with the LCDs.