No it's not like a blood donation.
It's misinformation like this that cause people to sign up to donate, and then back out when they find out what they really have to do. Bone marrow donation is a surgery. PBSC donation requires you to get injected with a drug for 5 days, and then have your blood drawn out from one arm, go through a machine, and passed back to you through the other arm. If you have thin veins it'll even require a central line (tube in your neck).