Yeah, that is pretty much what it is. The idea here though is that by tracking your food for this length of time you are likely to create lasting changes in your everyday diet that will lead to long term success.
I am sure there are plenty of people on here that would’t gain much from this but there are probably a few, myself included, that have less experience with eating healthy on a regular basis and could use the help meeting their goals.
As far as the water amount goes, I can’t drink that much water in a day. In fact I found that if I drop a NUUN tab into my 100 oz water bottle I drink even less but seem to retain more (according to my Tanita scale water %)