Is quantum entanglement functionally equivalent to a measurement?

I saw the following talk the other day: http://www.youtube.com/watch?v=dEaecUuEqfc&feature=share

In it, Dr. Ron Garret posits that entanglement isn't really that "special" of a property. He argues (and shows) that the mathematics behind it is analogous to the math behind measurement.

Is this true? There seems to be a lot of hoopla around quantum entanglement (including people that argue it could facilitate faster-than-light (FTL) communication). Is this excitement about the entanglement properties of some elementary particles unwarranted? Just looking for some clarification.