Theres no way that it can possibly have the same kind of life. You can get bacteria just by putting it in a tank, and you will get stuff with frags and water, but the life will never be as complete as LR.
Lots of serious reefers are using dry rock, or fake rock these days because you dont need those things, and you dont risk bringing bad critters into your tank, I still like the old stuff, and recommend it.
Another thing is that the concrete is never going to be porous, and one thing about high quality LR is that it is super porous, which gives you that "filtration" that everyone is raving about with LR in sw tanks...the whole pound a gallon rule is for filtration sake.