I thinks it's the same VS engine, but the graphics detail and some features are reduced since this version is delivered immediately over the web instead of a downloaded, locally-installed application. The animation clips shown by the TV broadcasters certainly have more detail, but are evidently the same software as the 2003 Cup, the last Volvo race, and the current AC Anywhere.
As for the buffering data issues, that happened occasionally to me too.
Overall, though, I've found the animation to be worthwhile.
