It's a similar idea, but you can't chain them infinitely together (at least, not yet... Korg has been implementing massive changes with each OS update). If they every implement one that lets me pedal step through an infinite number of changes, then yes, I'll have to start putting up some youtube demos on Korgs as well.
It's definitely not equivalent, no. Yamaha registrations capture a snapshot of the memory at that time; split point, fingering, tempo, scale, fine tuning, transpose, pedal assignments, voice modifications, all assigned dsps', etc. Not the only ones that did it either; Technics (RIP in 2002) used to do that as well. And Casio is now doing that on their newest boards, and I believe Medeli as well (AKX10).
Check out this Korg Forum thread:
