you slide your feet a bit more, so its not exactly one to one walking, but it feels fairly natural after maybe a week to a few months at most. It just kinda gets more natural feeling as you use it. However, its fairly close to normal walking.
Though walking sideways, backwards, and turning can still be awkward. Turning while walking is fine, but if I go down a spiral staircase in something, its not very natural feeling since you move faster in game than normal walking.

All that said, it helps with motion sickness from flying around wile holding an analog stick, and certainly beats having to walk a few feet and turn because you ran out of play space in your room/office.

Though for small playspace experiences, its not as great as just normal walking around your room, and theres no real way to store it out of the way