No I see it as being more than that. You need to look past the cutesy names and see the tools for what they can do. For example there is tool named pop that enhances contrast with two controls, one controls how much contrast and the other controls the size of details that will be effected. It's actually a very useful tool.

Think of the presets it comes with as starting points. They also give you a chance to see how some of the tools work together.

I'm not saying photolooks is the best Plugin of this type that they could have bundled but its not that bad either.