Definitely not launched. The animatic and concept art of the land clearly indicates a lift hill.
Thing looks slow as hell, too. There's a banked 90-degree turn breaking up the first drop into halves.
As for themeing, that's to be determined. Mangum said, "along the way you'll see Rex, Hamm, Trixie, Jessie, and green army men all triggering things along the way."
Now, whether this means full animatronics or plywood cutouts with little speakers in front of them to play a voice clip as you go by is anybody's guess since there was no concept art showing the themeing of the ride.
What interests me is the track shape.
Mangum came right out and said that the coaster itself is going to be built by a "ride partner" and judging from the animatic they showed this thing looks more like a Mack junior coaster than a Vekoma or Zierer, which would be a first for Disney.