You are correct, from what I understand it's based on the 890, I do believe.
Yes, it is arranged around the pointing stick, which is fairly easy to click on for Select without going in a direction. The one problem we are having now with it is that we accidentally hit it to the left sometimes when watching TV and we need to go back on our DirecTivo.
Still all in all I like it...at least enough that I don't want to give it back