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It's not a true "skin" of Party poker. it is more of a "sister-site". Not only do they share Party's player base, they also share their MTTs which is not the case with all other Party skins. Also (I am not sure if they are doing this yet but I know they will be soon if they already aren't), they share the Bad Beat Jackpot as well.
It is pretty much the same as playing directly through Party Poker. When you sit down at a table you will actually see that it says "Powered by Party Poker" on the table top. However, they offer their own bonuses and you can have accounts on both PokerNow and Party Poker.
Hope that helps!
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