Nope, it`s still mono, the difference is that they buffer it with soda ash(i`m being mean here, they state that the process is a bit more complicated).
The thing is, research has shown that conversion to creatinine isn`t that significant in the first place with plain old mono, and bloating is more of a consequence of getting undisolved mono in your system/misunderstood increased water retention rather than anything. So IMHO KreAlkalyn is another gimmicky thing with little practical use.
I`ve tried it, with higher doses then they reccomend(that 2 grams KreAk=10 grams mono is crap, you`re basically still getting 2 grams, and even if there was a difference in terms of absorbtion rates, which research hasn`t shown, i doubt that you`d only get about 20% absorbtion for mono) and it wasn`t a fizzling shnizzle thing, although it was convenient(not having to dissolve something that hates being dissolved is a good thing

)
IMHO, the trouble with Creatine is that A-it works and B-it`s dirt cheap, so it`s a bit of a conundrum for supplement makers, as they`d like you to buy the most expensive, obscure concotion, not some simple cheap stuff, so they have to come up with all of these "better" creatines.