Yes estradiol hemihydrate is the usual form of estradiol that is part of HRT - in tablets, patches and gel. It is two molecules of estradiol bound together by a water molecule and to all intents and purposes is estradiol ie acts on receptors etc without needing to be broken down into anything else.
According to sources on the web estradiol valerate acts as a pro-drug for estradiol and is converted in the body to estradiol and valeric acid which is quickly broken down in the body.
I can't find any info (easily to hand) on any differences in absorption or comparative bio-availability - in fact what I did read suggested that they are interchangeable due to speed of conversion of estradiol valerate. Most of the preparations given on this website list 1 mg as low dose and 2 mg as medium dose (of either type) although there is a discrepancy with the listing of one preparation (the post-menopausal HRT types).
If you have any research which demonstrates a difference in how they are absorbed or a clinical difference (in effect or rate of achieving the effect) that would be interesting.
Hurdity x