How does this game hold up to Axis and Allies? or is it toally different?

I think it is safe to say that beyond the setting (WWII - Axis v. allies engagements) they are completely different.  The scale of the engagement is much smaller (a single battlefield) rather than whole countries.  Coincidently combat is resolved in a similar fashion (lots of dice are rolling if you're doing it right).  there's no naval component to ToI and Air units/effects are limited to card decks.  Better to think of ToI as a point in time strategy engagement that in my experience takes a lot more thought to play through as the tide of battle ebbs and flows with some luck and well executed strategy.

Hawknight said:

Axis and Allies is played on a map of the world (the basic version anyway).

Tide of Iron is played on small-scale, modular boards representing trees, hills, rivers, roads, buildings, individual bunkers and trenches etc

The scale is a little bit different.

In a nutshell, Axis & Allies is grand strategy and ToI is a small-scale tactical battle simulator.

Hope that helps.