GR is "inspired by" the Elo system, but there are very significant differences between the two. As TinCan pointed out, the computation of the "K factor" is very different. However, an even bigger difference is how the expected result is calculated. These two differences cause GR to behave very differently than Elo.
In the Elo system, as the rating gap between two players increases, the stronger player is considered exponentially more likely to win (this is equivalently computed via the ratio of an exponential function of each player's rating). The philosophy behind Elo is to predict the result of a game between two players from their rating difference, and then make corrections to their ratings based on the actual result. A small correction happens when the more likely outcome occurs, but a slightly larger correction happens when the less likely outcome occurs. If the player's ratings are "accurate" (in the sense that they reflect their performance, on average, as predicted by the model), then the ratings won't change much except for some minor noisy fluctuations. However, when the ratings are "inaccurate" these corrections will push the ratings closer toward better predicting their performance. For Elo-based systems, the K factor is often made larger for provisional players with little game history (and presumably an inaccurate rating). This is to amplify corrections when player's rating is assumed to be inaccurate. As a player accumulates more games, the K factor is often gradually reduced (down to some minimum), which will help stabilize his rating as it gradually converges toward reflecting his true skill. Should his actual skill change over time (which presumably happens gradually), the reduced-amplitude corrections should still allow for his rating to track these changes provided that he continues playing games. Another thing that is often done with Elo-based system is to decrease the K factor for the opponent of the provisional player. This limits how much a provisional player with an inaccurate rating can disrupt better established ratings, while still allowing the provisional player's rating to be adjusted by large increments. This also leads to a non-zero-sum system, but that does not necessarily mean rating inflation/deflation. In fact, with a zero-sum system, rating inflation/deflation (in absolute terms) must happen if players stronger or weaker than the average join or leave.
The GR formula appears to be of a similar formula, but it's behavior is actually quite different due to how the expected results are calculated and how the K (or V) factor is chosen. For the WTA games, it basically simplifies down to everyone putting a fixed fraction of their rating points into a pot that is later divided WTA-style.