Doesn't look like it. They even took the tumblr word & functionality of "reblogging"
It's a version 1 for sure, in terms of features, but there are definitely enough features for most, as well as a universal profile that can be used across the growing network of TypePad motion powered websites, TypePad Connect'd blogs, etc. It is significant though since it is the first time that TypePad, the largest paid blog service, has offered a free blog.