This is less-bad than the real thing.
[EDIT] I think I figured out the main difference: this lets me imagine that more than 10% of the "content" isn't also SEO garbage, and has actual value.
[EDIT AGAIN] What it really needs is a giant sticky header that hides when scrolling down but pops up the second you scroll up at all, obscuring all the stuff you were scrolling up to see.