Through to 2001, MITCIP was the alternative training program for those officers who could not attend regular force training through RESO. It consisted of 4 courses. BOT(Basic Officer Training) 1 and 2 were considered equivalent to phase one or BOTP and were together 4 weeks long. BAOT (Basic Army Officer Training) equivalent to phase two or Common Army Phase (CAP) was two weeks long. The phase 3 infantry or RPC equivalent was known as BCT (Basic Classification Training) and was six weeks long. All told, this meant that a reserve infantry officer would be trained in 12 weeks, normally spread over two summers under MITCIP.
Under the current training program instituted in 2002, known as RAOTP (Reserve Army Officer Training Plan), an officer conducts BOTP (5 weeks), CAP (5 weeks), and RPC (8 weeks or 44 training days), totalling 18 weeks of training generally split over two summers. Additionally, the MITCIP training scheme focused on the "armoury floor" aspects of being a reserve officer (Acting as an RSO, platoon adminstration, etc), while RPC focuses on the essential aspects of training identified in the DP system (For RPC they consist of "Fire Platoon Weapons", "Command a Platoon in Offensive Ops", "Command a Platoon in Defensive Ops", and "Command a Dismounted Platoon Fighting Patrol". Of course, those subjects were covered to some degree on BCT as well.
So to answer your question, MITCIP and the RAOTP are similar in the sense that they are modularized training, but the material covered, the time allocated and the nature of the assessment, are all quite different.
The purpose of the DP system was to establish common training standards between regular force and the reserve force. By characterizing training objectives into essential, supplemental and residual, it allows for the reserve force to offer courses that cover the essential aspects only, leaving the door open to make up the training at a later date, through a "delta" course, to become qualified to the regular force standard.
As for the current training system not "cutting the mustard", it really depends on what one is comparing it to. The current system, RAOTP offers over 30% more training time than MITCIP (18 vice 12 weeks). Furthermore, RPC focuses only on those essential platoon commander learning objectives (I know my OC wasn't too impressed when I showed up in his company requiring additional training to become an RSO, whereas MITCIP did teach that). Compared to regular force training however, their is a difference (9 week CAP, 50 day phase 3).