It isn’t the same as neutering, since neutering essentially desexes a tomcat, especially if done before he reaches puberty. The neutered tom is castrated, whereas a vasectomy only makes the tom sterile. A neutered tom won’t usually roam, fight or spray urine, but a tom with a vasectomy will continue to do all those things.
The obvious question: Why would a cat owner opt for a vasectomy instead of neutering? Some would reply that a vasectomy is more “natural,” since the tom remains more fully male in his behavior. The happy owners of neutered toms would reply that “natural” isn’t always a good thing, especially for a house pet.