Yes, there are two components, however. There's the microclient that can go in a while bunch of places, and there's the WordPress integration to allow for moderation and easy embedding and theming/stylization, which will be mostly WordPress-speecific.
I don't think it has to be. I've had an idea that simply offers a management system that builds you a legacy web-application, embedable, but actual comments/notes happen over the network. Allow's you to add custom CSS and so on tailored to your application!