Yes, the Line6 Variaxe is a similar concept to the Roland V-guitar. One difference is that the Variaxe is a complete package, guitar and electronics, whereas the Roland V-guitar system is an external pedalboard with a hexaphonic pickup that you can attach to any steel-stringed guitar.

Line6 also has an amplifier with some electronics built in which does the same thing.

In fact, my friend Jeff has got both a V-guitar system and that Line6 amp, and he loves them both. Jeff's neighbor has a Variaxe, which is what prompted him to get the amp in the first place. As a pure side-note coincidence, his neighbor happens to be Ed Rotberg, one of the Atari programmers who worked on the original Battlezone arcade machines. Still haven't met the guy, stuff hasn't worked out for that yet. But I digress.

I just now tried to call Jeff to ask if the Variaxe does alternate tunings or not. He wasn't around. I'll be at Jeff's tomorrow, and if I remember to ask him, I'll post the answer here.