Not totally accurate - there are a handful of foaming agents and surfactants that are mixed and matched to make shampoos, so really it's nearly the same except that no one has ever overdosed on applying too much sodium lauryl sulfate to their scalp.
and, you know, smells and such
i don't need to smell like grandma
You won't OD from sulfates in shampoo, but there are serious pros and cons to using them at all:
Sulfate-containing shampoos give you a deeper clean, but can dry out your scalp and make the color in color-treated hair fade. They're ideal for most people, especially if you don't wash your hair every day.
Sulfate-free shampoos are more gentle, but if you're supremely oily and/or don't wash your hair every day, you might not feel like they clean your hair well enough. Almost all "color-safe" shampoos are sulfate-free. They're ideal if you wash your hair daily and/or have a dry scalp... and they're a must if you dye your hair and want to keep the color looking nice!