It offers an alternative syntax that allows you to give return types of functions, which can give you further speed improvements. There's also a few additional features (for example, it supports similar hinting to the recent ArrayOf RFC).
It's worth checking out, but probably not worth using in production yet - they're working on getting the top 20 frameworks to pass their unit tests in HHVM[0], so there's a good chance your existing apps will run.
[0]: http://www.hhvm.com/blog/2813/we-are-the-98-5-and-the-16
It's great as it makes everything run a lot quicker for clients who use PHP, especially if you have code that needs to be run in PHP on the command line.
Just run it and see :).
They're both Facebook projects and one grew inspired by another, but they use different approaches.
Edit: The speaker in the video also mentions that they have taken the test suites from the top twenty PHP projects and they test them against new releases of HHVM, further confirming that the syntax requires no special attention except for new language constructs.
Code does not have to be written in a certain way most of the time because hhvm is 98% compatible to all major PHP-Frameworks[1]. It also features a built-in webserver alltough static performance is lower than nginx.
[1] http://www.hhvm.com/blog/2813/we-are-the-98-5-and-the-16
Confession: I haven't listened to the OP yet.