Yes it is Pokemon Rainbow Version.

In some ways it is a remake of red/blue, but the Kanto is region has been far more fleshed out and refined - for instance it is now divided into subregions such as the Viridian region, which is full of forests and hills, Pewter which is an arid, mountainous region, and Cerulean, a verdant, paradisaic stretch of coastal plains.

Each region has it's named city as it's 'main town', but there are smaller settlements and many new dungeons introduced within each region. For instance, the Viridian region has dungeons such as Green Track, where you can find Spinarak, Viridian Gardens, where you can find Flabebe, in addition to others such as Viridian Forest.

The overarching story is much the same, however there are now additional quests that can be undertaken within each region's main PokeCenter, adding a lot of replay value and interesting side stories and characters.

The camera has been revamped and now works similarly to in Lumiose City, but much tighter and easily controllable.

I can answer questions for a while, but stay tuned for the direct for more info.

Thanks!