It does what the CO2 does, yes, but doesn't work the same way...
The CO2 is a convertor AND repeater (the RS is only convertor). This means the CO2 will pass along (repeat) the coax digital signal as it splits off the optical (convertor).
The RS only does conversion. It will allow you to patch out of a DAT, but not participate in a daisy chain...
This assumes the CO2 is bit perfect, which it is not, by my own experience (my CO2 failed its first test this weekend).
Terry