Yep, something very similar. I tend to use Vallejo paints (from my FoW days) but heavily watered down to at least 50:50. The greatcoats were done with Green Brown, Khaki, German Camo Pale Brown, US Tan Earth and GW Codex Grey. Muskets are done with Beige Brown. All my "black" is actually P3 Paints Umbral Umber (a very dark brown). The main difference is I use the Strong Tone Dip (dark brown) again applied with a soft brush.
If, after dip and varnish, any of the colours look a little too pale I darken things up with either GW Badab Black, Devlan Mud or Ogryn Flesh. Highlights are rarely needed.
All this may sound complicated but is in fact an extremely fast way to paint figs. It took just 6 weeks to paint 150 Austrians! I would never go back to panting over a black undercoat.
PS: I started using dip exactly a year ago when I was painting up a Skorne army:
http://warhammer.org.uk/phpBB/viewtopic.php?f=22&t=82713
It was seeing the effect of dip directly on to white that gave me the idea to paint Austrians.