Pretty much, although no tech support may be a bit extreme. MS still does offer a little help. For example, having upgraded some systems that had an OEM license copy, I know from experience that should you do something that may need a new license key, MS will usually give you a new one so long as you're just upgrading or fixing a computer that had an OEM copy rather than trying to replace that computer.
So, yeah, the product is the same and the license is a little different. Tech support, although not non-existence, is also probably limited, but honestly, you've got sites such as Tom's for that anyway and it's still all free here