Very similar, I think. Locale allows location and time based settings, and combinations thereof. It even has a wifi plugin (which in the past I've not had a lot of success with) that can change settings based on the wifi SSID within range. Settings include all the volume/notifications, brightness, all the toggles, even wallpaper...screen timeout and ringer. If I wanted to, I can even have it launch Pandora in the morning as an alarm clock (it can launch any shortcut based on a trigger). Think there's even a way to use your calendar as a trigger, so your settings can change if you're in a meeting. Useful, also, to have it set your password (for awhile, in combination with another app, I had it set to disable phone lock at home, but enable with password when I walked out my door).
A totally underrated app/capability of Android. Who hasn't been in a meeting where someone's annoying (and loud), sometimes embarrassingly so, phone starts ringing? And I like the fact that my phone automatically switches to Wifi when I get home, but it doesn't at work.
It's not cheap - Locale plus some of the better plug-ins will cost you about $10. Tasker is $6.50 and probably has more functionality, plus any Locale compatible plug-in (difference in price is probably the inclusion of some plug-ins you'd need to buy with Locale).
