Its not the same, alokgovil.
These aren't just "boxes" full of icons. The difference here (and I remember this from OS/2 as well) is that each "box" is an independently scrollable space. That means you can make 'em real small, if need be, but still see everything in them with a flick of a mouse wheel (something which didn't exist back in the OS/2 days, admittedly). Also, the Fenced areas can be locked down, via a quick setting, so you can't accidentally delete it, and your entire desktop arrangement can be backed up and saved.
There are a ton of other things they could theoretically add to this in a paid "Pro" version (which is coming) and I hope they do.
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