Yes, it is. It's also more convenient than FL, because it's just a quick walk out the gate(s) of the park(s). There is no Pleasure Island area, so you don't need tickets to get into some of the places (well, you do if you want to see some of/most of the shows at the HoB).
However, it's much smaller than FL. No separate neighborhoods, less places to eat and shop, no DQ or Cirque de Soiel. It's still a good place to eat and hang though, and there always are performers out and about playing.