Yes, very similar.  Some differences from the old way:
1. all the data is in cards now, of course
2. users always set their own passwords; process is moderated with tokens
3. only permissions you generally need to consider are *create perms for Signup and User cards.  If "Anyone" has both, then you can signup without approval.  If "Anyone" can only create Signup cards, then you have to get approval.  If "Anyone" can't create either, then there is no signup link. 

(it used to be much more complicated and involve perms on +*account cards, but now those all basically inherit)