So far, yes. I mean - it sounds very like Chill Out and some of the samples ("All Around my Hat") seem a bit crow-barred in. But at the same time, they do some other things sublimely - such as using the intro to the Associates "Party Fears Two" in an interesting/teasing way.
I'll write out a larger review once I've given it a few listens.
Interestingly, iTunes doesn't recognise it (it thinks it's actually this: http://www.kiddinx-shop.de/wendy-das-fohlen-trolle-folge-8.html) so I don't if there's a tracklisting or not. It's a one-track album, but maybe some of the segments have individual titles, like "Chill Out" and "Space"?
Package-wise, it comes in a slim digipack with the cow design. The back cover apes "Chill Out" too. It's "Collected, Compiled and Composed" by the FLK. Underneath is a quote from Bill Drummond himself: "Folk music began to die the day the first record was released" and below that a list of "contributors" line in "Chill Out" - "The FLK would like to thank Steve Sharp, Mike Harding, Steeleye Span, Jackie Dates, Rachael Buddington, Alex Merry, Kieron Moyles, Michelle Griffiths, Hannah Dymund, Mike Knight, Max and all other collaborators across England who contributed to this album".
I'd debate that the Associates came from "England" - grrr! ;-)
The inner sleeve has a picture of the duo with the cows heads in silhouette and a quote: "We Stole The Songs - This is Not a Revival - This is a Revolution" (which could refer to both folk music and the KLF, I suppose) and underneath the digipack itself the album is described as "Volume One". Oh, and it also says "Why Cows?"
John