That certainly seems to be an apt description (equation?) after watching the following trailer--one of the first to show Gaijin Games' latest chiptune-backed, rhythm-based creation in action:
OK, so the trailer above is more Pitfall than Rez, but other recently released gameplay vids suggest the opposite. (Here's one, and here's another. Oh, and here's a "boss battle"!)
In a recent interview with nintendolife.com, Gaijin Games' Alex Neuse suggested the game was nearing completion and should appear on the Wii Shop Channel "this Spring."
See also: 'When it comes to WiiWare, (second and) third parties do what Nintendon't'