I don't agree with him saying it was the same product, but WWE during the RA Era, ESPECIALLY SmackDown, had very, very, very striking similarities to WCW so he does have a point.
1. SmackDown really focused on wrasslin' heads... Brock Lesnar, Kurt Angle, Haas, Benjamin, Guerreros, Benoit, etc. all were prototypical wrasslers... the kind WCW loved.
2. The format of Smackdown was exactly the same as WCW. Cruiserweight battle opened every SmackDown. The Cruiserweight division was actually really legitimate. Followed by Tag Team battle. Tag Team division was actually really legitimate. Followed by mid card battle. Mid Card division was actually really legitimate. Followed by Main Event battle. Main Event was actually really legitimate. From 1995-late 1998/maybe early 1999, WCW followed this format exactly.
3. It seemed like all the uppercard wrestlers... Big Show.... Undertaker.... Lesnar.... Angle.... Guerrero.... had little to no gimmick or flash to them whereas the outlandish gimmicks such as Thug Cena, Mordecai, Boogeyman, etc. were all reserved for the lower to mid cards as cheaper entertainment, similar to how WCW was save for the Sting vs. NWO Storyline.
When you consider this, then consider that Vince originally wanted to recreate WCW (but the booker and the buff bagwell match received so much criticism), it isn't that outlandish that Vince essentially sat down with creative, and decided to recreate WCW, but never mention WCW.