I may not know enough about the Princeton offense, but it seems to me much of it is the same. They use motion, multiple picks, quick passing and spacing to get the shot they want - in this case a layup; while Fred's NBA style offense uses motion, picks, quick passing and spacing to get the shot they want - in this case a trey. On the surface very different but at it's core, very much the same.
EDIT: Also in both offenses all five players are much more interchangeable than in many standard offenses.
If I'm all wet on that, please educate me further on the Princeton offense.