Yes it is.
It does everything Finereder does and the outlook of the screen is really similar - they look and feel like twin brothers.
Omnipage is much more expensive then Finereader and does not offer much more, many people even say Finereader is better.
I can say that I find Finereader tools for correcting skewed pages, dispecle, cutting white space and splitting two page scans much more intuitive and streamlined.
(I’m talking about Omnpage 16 here, I did not managed to test version 17 yet).
My advice, if you want to upgrade go with Finereader, I have it installed in several clients and the price and features are a winner combination.