An IMSI/Design employee dropped a few hints on A/CAD in a comment to my earlier post.
“We are introducing a new AutoCAD LT work-alike called A/CAD LT Express on Dec 3rd. We are using our code, not an ITC variant. And unlike the ITC, we are not targeting AutoCAD, rather, we believe we’re a compelling alternative to AutoCAD LT… especially since our price is free.”
So that answers the question whether A/CAD is just another IntelliCAD.