Yeah, it's pretty basic. BootCamp is a GUI version of a bootloader that lets you pick which hard-drive partition to boot from. It's just a bootloader like Acronis on the PC. So you can have partition hda1 loaded WinXP and hda2 with OSX and choose between the two when booting.
With a PC, it's similar to that. You don't even need a 3rd party bootloader actually. You just get the chain0 from the OSX installation DVD and put it at the root of your C-drive (like bootsect.dos). Then add a "C:\chain0="Mac OS X86" line to your boot.ini file. You don't even have to specify a partition#, the code in chain0 will actually search for a HFS+ partition with OSX and boot from it. So when I start up my PC, I get the following menu:
Please select the operating system to start:Scroll down to the one I want to use and hit ENTER and that's it. BootCamp is the same thing with a GUI interface so you can use a mouse to pick the OS.
Microsoft Windows 98 Second Edition
Microsoft Windows 2000 Professional
Microsoft Windows XP Professional
Mac OS X86
On my Mac, I actually don't even bother with dual-booting, I run OSX and Windows simultaneously with Parallels Workstation. I also run various version of LINUX on it as well.
Here's a video of a Mac running both OSX and WinXP on dual-screens: MacOSX-WinXP.avi (3mb, requires Xvid/DivX codec).