1) yes, but it is different, primarily with its linear Cherry Black switches vs. the BW's tactile/clicky Cherry Blues.
2) IIRC its a format compromise
If you are put off by the format but still like the 7G's features I recommend you check out Thermaltake Tt eSPORTS MEKA G1. Its functionally the same product, sans giant enter key shenanigans. Heck, it might actually be nicer overall, SteelSeries cut some corners with their keycaps.