Yes, the cord I linked to is braided and does have play in it. It is also easy enought to melt the ends to prevent unravelling. It is slippery, but the braid makes it easier to work with. Keep in mind it doesn't have a protective covering so it is exposed to abrasion and UV.
I also have some 3mm New England Tech cord (technora, not spectra) and that stuff is not braided has ZERO play in it. It is stiff even bending it. The technora core also doesn't melt for anything either. This does have a (VERY tight) sheath around the technora core.
The tech cord is much harder to use.
-john
Edit: Here is a picture of some various cord. From the top:
1) some glow in the dark cord (don't bother)
2) Kelty reflective cord (200lb, spectra core?)
3) glow in the dark lanyard from CMG Infinity
4) the Spectra cord in question
Cordage PictureHere is one of just the Kelty and Spectra cord:
kelty-n-spectra I don't have any closeups of the New England Tech cord, but here is a pic from my kit:
3mm New England Tech Cord