This is actually very different to those. Slinkset lets you set up a site with your own style, as well as pointing your domain at it. In effect the site isn't a subsection of reddit, it looks like it's your own site.
For something that hasn't cost us anything other than time, the support from the slinkset guys has been amazing btw.
Though, Reddit is open source now, right? So theoretically, if you had the chops you could go the DIY route.