Perhaps not all you might hope it to be.
"Bypass" is a remote control (solenoid operated) valve that shuts off water flow through the heater and lets cold water bypass it and flow to the hot faucets. The heater tank still needs to be drained and you still have to deal with the water in the pipes somehow, cause it can still freeze. See the next paragraph...
As I understand it, "Winterize" switches the pump intake from the tank to an alternate inlet so you can use it to suck RV potable water antifreeze from a jug. That is handy if you are using the antifreeze method of free-proofing your water lines. The other method involves pushing all the water out with air pressure, called the air blow-out method. In either method, you have some additional manual fiddling to do with things like ice maker, washer/dryer, toilets, etc.
Neither of these is the full job of winterizing the water system - you also to put some antifreeze in the drain traps and waste tanks.
There is an overview of winterizing needs in the RVForum Library at http://www.rvforum.net/joomla/index.php/27-maintenance-items/206-winterize-your-rv