You've pretty much summarised it nicely. It's interesting, as in the foundation phase (ages 5-11) it's very much around ball mastery and beating/getting past an opponent (1v1/2v1's) - with much emphasis being placed around receiving and traveling with the sole of your foot (allows for quicker changing of the ball offensively and defensively). However, the actual game itself is based around heavy rotations and 'plays' a bit like the NBA which see's a-lot of rehearsed patterns and a fair bit of passing.
As mentioned elsewhere, The FA pulled the funding from both the elite national teams down to the grassroots support - at one point it was set to be rolled out nationally as a winter alternative to the grassroots football in the mini soccer ages (some leagues still run these events).
In my opinion, it's very similar to the way cage/street football is played in MUGA's etc - there was an interesting documentary on it on TNT sports a few years ago highlighting London producing lot's of these street footballers.