It does seem similar. I actually like Detexify's interface a little bit more because it doesn't require pressing a button after you've drawn your character, although I imagine that is a matter of preference.
Detexify's popularity and utility shows that this sort of thing could be very useful--I suspect I might end up using it myself in the future.
This reminds me of a very useful project, Detexify: http://detexify.kirelabs.org/classify.html