That's plunger rear suspension. Was common on bikes in the 40's as an improvement over rigid frame.
How a girder setup compares with a telescopic fork depends on the geometry - all the technicalities of rake, offset, trail. You can make a girder fork bike handle just as well as good teles, but if you're going custom you have the opportunity to configure the bike how you like it, from relaxed to twitchy.
But above all - good, tight, accurate handling will depend on how well the set up has been engineered on your bike.