They are quite similar to electromagnetic waves, but also quite different. They are produced by masses accelerating (just like EM waves are produced by charges accelerating), and indeed cause orbital decay. But this orbital decay is only important in relativistic systems (so the Earth, which is orbiting the sun at 0.0001 the speed of light, is not going to fall into the sun because of gravitational waves).
They are quite similar to electromagnetic waves, but also quite different. They are produced by masses accelerating (just like EM waves are produced by charges accelerating), and indeed cause orbital decay. But this orbital decay is only important in relativistic systems (so the Earth, which is orbiting the sun at 0.0001 the speed of light, is not going to fall into the sun because of gravitational waves).