It's a lot more like shapeshift I believe, where you literally send coins, it exchanges them, and sends you the desired coin - fully automated.
I haven't used it before - I typically like to set my prices. But I've heard only good things about them, I can't say I've read anything negative (not that I'm looking).
Yes, you're right. But there is an important difference: shapeshift returns your money if the order does not go through. See my bug report here:
https://steemit.com/steemit/@longe/powering-up-with-btc-or-eth-read-this-first-about-how-not-to-lose-your-money
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