It´s exactly what you read... the engine is almost identical to PaidVerts, you receive VP (video points) for watching bonus videos and for buying video ads and the more VP you got, the higher your daily earnings. If you are familiar with PaidVerts, you will have no trouble at all understanding and making money in this system.
They also have upgrades (to have priority receiving the 1% bonus ads created with each purchases), vacation mode and you can change the timer for your videos.