Yes, the systems are dramatically different in both design and code. Ripple was designed as a federated model from the very beginning with the entire quorum selected by Ripple Labs and its partners. Bitshares was designed as a compromise system with decentralized stakeholders selecting a set of delegates to maintain the ledger and provide services.
Ripple is a cryptocurrency by and for banks. Bitshares was an attempt at resolving two huge problems bitcoin suffered from: value stability and centralized exchanges.
That was fast, thank you.