Yup. Its just an inner belt except that the part that overlaps and attaches to hold it in place is the small 1.5" piece that's attached to elastic. It does work well and not get bunched up when tightening the outer belt.. While I don't have personal experience with the old design, it does look like the metal buckle in that design would get bunched up.
If you already have an inner belt you can buy just the ratcheting outer belt. They are great.
Give jason a call if you have questions. I spoke with him for quite a while. Great guy.