After a more thorough reading, it's a bit better than a LA, if only because it also improves abilities calculated off class level, such as caster level and save DCs, and maximum ranks allowed in skills (even though it gives no skill points). And it even says that this applies to ALL classes, so the more multiclassing you do, the better the bloodline bonus gets. Weird.
Oh, and it still counts as a character level, so it does increase your level for XP calculations.