No. It uses a different type of sensor to record the light. Did you poke around the site? They "explain" the science, and have some example photos up. There are some photos that make no sense (to me) to be refocusable, but there are also photos where changing the focus gives a very different mood to the photo, despite the subject matter remaining constant. As a photographer, I think the ability to explore those moods after a photo has been taken, is a very compelling feature, allowing you to be very precise about the image you convey.

So... the Lytro, gimmicky. Lightfields, not gimmicky.