Yes and no, we can set some settings and basically run the game on the fly how we want to run it. But only the people that we are friends with can join the game. Depending on the mode you are playing, the number of players are a little smaller than the full blown server you normally join. But that is usually up around 15 to 20 per game.
So in some sense it's actually better because we control who can join the game. It really does not require a minimum as well (well you need at least 2 I guess). To me this is better than a rentable server because it has all the positive aspects of running our own server without the negative we usually deal with.
As it is set up by the person "hosting" the group of friends, the type of game, map, and rules can be agreed upon each game. So no need to change "a server setting" to play a different map or mode.