It does sound like it, and I was hopeful (as the spindash is added), but it really just fails in too many aspects.
The sound is bad when compared to the original. This is surprising since the original was on Genesis, which usually suffers in the sound department (though Sonic games are a gigantic exception to this rule).
The game lags. A LOT. And I dont' just mean when you get hit (with lots of ring sprites bouncing).
The physics are laughable. You can be moving foward, and jump too late to clear a ledge or rock or whatever, and once your height passes it, sonic continues to move forward at top speed.
I've only played the first zone, so there may be better things (or worse things) than these I've noticed so far.
(Theg arbage is a running joke from our dear friend XPengiun)
Witness theg arbage for yourself with
this partial extremely unoptimized lag-filled not-going-to-finish TAS!
Hmm, I guess this should be moved into the GBA forum...my bad.