Constructs using a sequence of eval with base64decode and often gzip compression are very common for obfuscating malicious PHP code. I would expect that people are much more likely to look for these in the source code to find out if a website has been compromized rather than looking at EXIF data. So I think, yes, this is something different.
In the article they call this a steganographic malware. But actually the information is not embedded in the picture content, but in the meta or EXIF data. It would be an application of steganography, if the malicious code would be extracted from information that is part of the actual picture and it is not obvious that this information is present in the first place. For example, there could be the drawing of a house in the picture with a cow and a horse and the grass blades in front of it represent 1s and 0s. Then some clever program executes the grass blades code.
It seems that the authors were among the first to detect this kind of attack using the EXIF data in the wild. And of course the want to advertise that their product detects this kind of compromize.