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I need a break from studying so I'll do a calculation for 100nl FR and 200nl FR based off of my play in December and January respectively.
It takes 28571.5 VPPs to make 100000 FPPs at Supernova, so each VPP is worth $0.0525.
100nl FR - 62250 hands, 22783 VPPs, $3389.53 MGR, $2652.60 contributed rake, $1196.11 effective rakeback, 35.29% of MGR, 45.09% of contributed rake
200nl FR - 70562 hands, 30400 VPPs, $5154.88 MGR, $3943.95 contributed rake, $1596.00 effective rakeback, 30.96% of MGR, 40.47% of contributed rake
But to answer your question -- yeah, it is basically rakeback.
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