Yup, it involves lye and a bucket load of scraping hide and sweat!!! Be very careful when working with the lye, it will leave a very nasty burn. Be sure to wear your PPE. (personal protective equipment).
The project I was involved in was laid out by a friend and I served as laborer and consultant on "and why are we doing this?"
When done correctly it makes some very soft washable leather suitable for comfortable clothing. You might not even recognize it as leather if you didn't know it. I ended up with a single buck skin (smallish) and have not done anything with it yet. If a guy wanted to make a set of buckskin pants and shirt it is definatly the way to go.