It’s very very different; nerumorphic chips have been around for ages, they use the same phenomena the brain does (ion-flow across a neuron's membrane) using different a method (electron flow across a silicon membrane).
The big difference is that they make use of analogue computation using the physical properties of electricity to model whatever you’re trying to model, whereas digital computers model things by representing quantities as symbolic values.
So digital computers let you model something by simulating it with symbolic values, an analogue computer lets you model something by emulating a systems physical properties.
There is no machine code to speak of, you can’t program an analogue circuit, you have to physically construct it. That’s what makes this Neurogrid technology is interesting; if these guys are on the level then they've developed a practical way to use digital computers to “program” analogue circuits.