Yes kinda like a swing. All the stuff I have seen and instructions I have read has it as a high pull followed by the overhead finish.
I am BRAND new though so I am sure Kuri or Sarah can explain it better.
In a swing the KB passes between your legs and then is accelerated out infront of you as your straighten and snap your hips. Your arms remain straight and the bell is guided out in front of you. Various schools have the bell stop at various heights.
In a high pull, the KB passes between your legs and then is directed in a more upward path with your arm, if you watch the video closely you will see their elbow's bend as it is brought up. Once you get the high pull, the bell continues upward and you slip your hand around it and press it overhead, and that's the snatch. I have seen the high pull noted as a snatch progression.
YouTube - Kettlebell Basics - The Kettlebell Snatch
Question for the others here:
When I watch these guys swinging the KBs they don't seem to be sitting back very much, they seem to be leaning forward A LOT. Is this a case of bad form, or a case of I have no clue?