Sure, it's sounds like that. But to be honest, Aquaria is quite different, although this new game seems to be similliar in some aspects, say even the same. It would require to play it to say anything more. Graphics are rather mid-quality, it seems that only animation is quite nice. Of course, some will say it's a rip off Aquaria, or inversely (if they didn't knew about Aquaria and will start to play Endless Ocean).
nothing special IMHO, there were already games copying the same aspects, or even similliar to this one.