Never heard of it myself until now. Seems like it traces the outline based on color difference and then provides a path to cut around it.
So you could do the same using CopyCat by manualy tracking around the image and then use the generated code to cut around it.
Surley the tracing is not as fast......but......i bet money it is way cheaper than the price of an I Cut setup.
Hmmm....been using the Poor Man's I Cut system for free....

RICH