Yes it offers unique user and moderator features on top of pretty much all the same features as Lemmy.
The choice of language they are using for it will be a hindrance and a help. Python is much more accessible for many programmers than rust. However it is not always as performant as rust. They may encounter bottlenecks with scaling and a few other things. Which can be alleviated by using a language that is specifically designed for those things. Then those code modules can be called by the rest of the python code no problem.
But as a much younger project piefed has already made massive strides and even stepped out ahead of lemmy. Lemmy had a 4 year head start. Combined with no clear moral qualms with the developers. It's clear why many are excited for piefed.