yup.. works exactly the same.. just may take a little longer to tint your water.
Some people don't like it because once the leaf starts to degrade it can foul up your water, not making the water quality bad but you just have rotting pieces of leave in your gravel. I counteract this by taking the leaf out once it starts to look bad (duh!) others choose to put the leaf in pantyhose.
The IAL extract is a hassle IMO. You have to re-boil and strain and it seems to me like it never tints the water how I want. The leaf works great and lasts forever it seems.