Yes, in some ways it is similar. You will be working on a specific research project for 3 years. However, the difference is in the amount and level of work involved. You will work full-time hours (probably much more than this, especially towards the end of your project) with limited holiday (approx. 20 days per year). PhD research can be extremely rewarding but be prepared for a lot of very hard work and some frustrating times! Good luck with your first degree :o)
The other point to add to this is that your final year project may not be entirely new research - it may be trying to repeat the recently published work of another research group or may look at some previously published work from a different angle. Work carried out for a PhD must be novel and make a 'significant contribution to knowledge'.
I suggest finding out as much as possible about areas of research you are interested in, talk to people doing PhDs now and get their ideas on it! You really have to be interested in your project/subject as it's a long time to spend on something you're not that fussed about! Having said that it could also be the best thing you do as you will rarely get to spend that much time on a project you enjoy in the future!
If you want to get more of an idea you could try doing a Masters which would point you in the right direction and give you a feel for what's it's like! So you could see if you still want to do a PhD after doing your master's project which is pretty intensive!
I don't know what your subject is, but I found PhD life to be shockingly different to my undergrad project (chemistry, and both were done with the same supervisor). I really believe the ONLY reason you should do a PhD is because of dedication to the subject. When everything else goes pear-shaped, that's all you're left with.
I suggest you do as much research on PhD life as possible - this site is very good to see how current students are coping - but talk to people and find out more. Taking a year out to travel or do an MSc is a good idea because it will help you decide whether a phD is right for you..it's got to be the right choice, and a year out is only one year of your life, whereas being stuck in PhD project you detest is far more a waste of time.
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