I love leg press, it's my second favorite lift next to deadlift (with a hex bar, I'm not competitive or anything, no need to risk the back). You have to be VERY careful not to lockout. I always end at like a 140-160 degree angle, far less than a straight 180. If you lockout, you're going to have a bad time eventually.
Yeah. It's basically dead lift with the weight shifted along your mid-line instead of in front of your shins. Makes it really easy to keep good form since you're not worried about getting it over your knees. I find the grip is much more natural as well, since your hands are at your sides rather than in front of you.
It's not the exact same stuff, but for all intents and purposes if you're not planning on competing in a powerlifting event anytime soon it's close enough that you could substitute it. It's actually used quite a lot for athletes who can't afford to have a sore lower back in training practice.
Obviously off topic now, but as a youngster in the gym I used to use a similar machine that required me to lay down and push my legs. I worked my way up to max weights on that machine (very quickly). One day I pushed my legs out and heard this terrible crunch come from my lower spine, was barely able to hobble back home. It was near enough back to normal after 2 days or so, but scared the hell out of me.
For me it goes to show that humans are more fragile than we often like to think.