daystalker,
No, this is the sight I have:
Impact Collector
The 'No Peep' you're asking about is a device that mounts on your riser to help you draw and anchor exactly the same way each time. Although you don't look through it to see the target like a scope, the alignment dot is almost like a scope's eye relief, where you have to have your eye in the right spot every time. See if this explains it a little better:
No Peep link