Is This Really "Finely Textured Beef"?

I read today that beef processor AFA Foods is filing for bankruptcy due, in part, at least, due to the dust-up over pink slime.

Ground beef processor AFA Foods filed for bankruptcy protection on Monday and said it plans to sell some or all of its assets, citing the impact of media coverage related to a meat filler critics have dubbed "pink slime."

Whenever I've read anything about the "finely textured beef" that got stuck with the unfortunate moniker "pink slime" I've always seen this picture:



Until I read the above Yahoo News article, it's the only view of the stuff I've ever had. At the article you apparently see it in sheets and in what looks like Kibbles'n'Bits. This photo is ubiquitous and it's the only one that shows a slime. So is this stuff that looks like frozen yoghurt really "finely textured beef"?