Is a Protection Plan the same as a Warranty?

No. The warranty is from the manufacturer. A protection plan is from a third party and you usually have to pay extra for it. Be careful - some plans have all kinds of red tape and hoops you have to jump through to get anything done. They can be a real hassle.

Sort of, in that they both have no regulating authority, can cover whatever they want to, and are only as reliable as the company backing them up.

Depends on the fine print. You have to read that to see what the differences are. Not all "Protection Plans" are the same.