It's quite similar. You really should read the LP platform; it's a real eyeopener! Most of FR's self proclaimed Libertarians have never read the platform, or if they have, disagree with all but one or two of the planks, but have the nerve to trash President Bush, GOPers, and FREEPERS who disagree with their posts.
Every poster I've ever seen on FR is aware that the Libertarian party has a very poor foreign policy and and very misguided open borders stance. That is why almost everyone makes sure to differentiate small "l" libertarian thought from the big "L" Libertarian party.