I am not sure what "behind the scenes" means. In addition to quite a few registry entries a Platinum install creates version specific folders in Program Files, ProgramData, AppData and Cakewalk Content. As mentioned above, it will also update most if not all the common utilities and plug-ins bundled with X3. When the update is done, X3 will still be available along with Platinum. Both will use the same Plug-in Manager, vst scanner and plug-ins. There will be a few new plug-ins which X3 will not be able to run but everything which shipped with X3 will still run in X3.
Coming from X3, you will be very familiar with Platinum. There are some new features but the basics are the same. A couple of the UI changes are almost immediately noticed such as
Recycling Plug-in Windows. Most of the differences are documented
here, the previous link came from this page.