No, actually it ain't. Patching CO works the same as STO. Right now there should be at last 4 or 5 patchingsequences, so plan at least a day for patching the game up.
First download is the client. Second will download the game, and the following ones are patches. Those will take tho most time.
Still this is the best solution, as buying the DVD and install. This won't save you time at all, because on the DVD the game has v1.0x, while the donload version is much advanced. While buying the DVD, your PC will work twice as long. Installing v1.0x and downloading the newest client, and after that downloading the patches.
By the way,
why hadn't you post the thread in the CO forum? It is mostly the same buildup as here, and as an STO enlisted user you can log in and post normally.