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Rochard, it's not exactly the same, but you can certainly setup a WordPress Hosting service using WordPress' own multisite capability which allows for server aliasing, not just subdomains. You can skin the login pages, the webmaster panels, etc all via various plugins. And you can load in any number of themes you want and make them available. There's e-commerceplugins as well that allow you to restrict content, allow subscriptions, etc.
There's an abundance of management plugins as well. WPMUDev, for example put a pile of their former premium Multi-site plugins on GitHub that anyone can fork and/or further develop.
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