Much different. Have you seen that fall of Oliver Townend's at Rolex KY? It was just awful, and amazing that he was able to come away with it basically unharmed.
I am not sure how useful that kind of vest would be for just recreational riding, but for eventing (or probably jockeys and exercise riders, if the weight and or cumbersomeness are not a factor) it is DEFINITELY a step up from the plain ole crash vests.
They are getting more comments as the bugs get worked out so riders are convinced to wear them. Used to be a lot of jokes about them and no "name riders" used them. Now you are seeing the inflatable vests more commonly, and with the bigger name folks making good comments. Not sure if the vest folks are sponsoring, donating to the name riders to have the vests seen in competition.
Anyway, so far, the comments are all pretty positive, by quite a variety of riders, trainers, not just the stars at shows. Vests are easy to wear all day long, thinner, flexible on all kinds of horses (fractious), not just the star horses. The down side as mentioned, is remembering to unclip before dismounting. The cartridges inflate in an instant! I guess you just let the air out, put on another cartridge for the next ride.
Regular safety vests with foam are often bulky, not very flexible, hot on hot days. Still they were better than the first safety vests and better than nothing.
So while the inflatable vest first came as a joke idea to riders, they have improved and are now proving themselves as the better idea in protection in falls. The most vocal supporters seem to be those whose "famous" fall was really terrible, could have been career or life ending. We have lost enough good folks already in the last couple years, even wearing the foam vests. So new idea vest is going to help save more.