If this functioned similarly that'd be a fair statement. This is being called a currency, but it's really the same as MS Points or any other similar prepaid card. Amazon has the benefit of restricting where the outflow is and so can also ensure 30% of what comes in to buy coins is profit[1], and then make earnings off the rest. And given how constrained the outflow is this is hardly a competitor to bitcoin or any other attempt at a virtual currency. It's a lockin attempt and a play for earlier access to capital. It will probably be successful on both fronts.
EDIT:
[1] Profit is the wrong word, there are other costs involved that will eat away at that 30%. I should have said 30% was guaranteed revenue.
I believe the argument was that the 'name' Amazon Coins is meant to capitalize on things like Bitcoin, Litecoin, PPCoin, NameCoin, FreiCoin, DevCoin, etc.
The function is clearly something more similar to MS Points.
I'm still unconvinced that Amazon has any need to try and take advantage of their current popularity. They have sufficient capital and brand recognition to develop this system without riding the coattails of a still (in mainstream) largely not understood or recognized virtual currency.
EDIT:
[1] Profit is the wrong word, there are other costs involved that will eat away at that 30%. I should have said 30% was guaranteed revenue.