Yes it's true, the Fulltone Full-Drive1 delivers the sound of a late '90s to early 2000s Full-Drive without the boost channel! Simple as it comes, with Volume, Tone, Drive, and toggle bringing back the Flat-Mids (FM), Vintage, and the infamous (for assaulting the front end of tube amps) Comp-Cut (CC) modes. Simple true-bypass switching, 9-18 volt operation. No need to find and pay $400-$600 for a '90s FD2 anymore.
Soundwise? It's the exact (full midrange) Comp-Cut that was in the earliest FD2s, not the Flatter mids CC in later models. So, even though the FD-1 will have the Flat-Mids mode, the Comp-Cut is the fuller-mids version identical to the "pre FM / pre-MOSFET" versions of the FD2. This tiny pedal is the size of the company's Mas-Malo, with top-mounted (also called rear-mounted) jacks and power port, and a JRC4558 chip for your go-to overdrive sound.