You can do a lot of the same stuff. I'm sure it's missing features of nLite, but it's progressing. It's already made big improvements over the older vLites, such as auto-installs and the services and crap you can take out.
I'm not sure how big of a footprint it will leave, but I hear a regular Vista ISO will leave 13GBs, if you take everything out with vLite, you can get it down to as little as 300MBs.