Hi Chris,
I will try to answer, it's very similar, but at the moment does not have all features what Filmora has like motion tracking and couple more. But I bet they will add this at some point.
For rendering videos, Filmora uses your PC (CPU and Video card) and it's takes a lot of time if you have complicated video with many elements and so on. Illusto is rendering in the cloud and doing pretty fast even with 4K videos.