Sorry for the late reply. Yes, it is.
One other thing I'm seeing stated quite a bit that I don't believe is accurate is the impression that there will be unlimited numbers of passes available through Genie+ and that's simply not true. While they may make it available, they absolutely will have limits on how many "lightning lanes" are available on each ride. If 20k people buy Genie+, not all 20k can get a pass for Peter Pan and completely take over it's line. There will be limits as to how many passes are available for each attraction.
Just like the original fastpass only had so many passes available for certain rides, and yes, even fastpass+ only had so many (though a ridiculously high percentage of a rides overall capacity) and Maxpass as well only had so many for each attraction at certain times, this will as well.
The big question- and the one that will determine whether this is a good thing or a horrible thing- is how much capacity for each attraction are they doing to devote to it? Will it be a modest amount, say 20% or numbers closer to what the original fastpass and MaxPass did? Or will it be the screwed up numbers that destroyed stand by lines like Fastpass+ did? That's something that none of us know and Disney hasn't given any information about yet. And until they do, we really don't know how well this work or not.
Oh, one other side note: I do find it interesting how upset people are over the fact that Disney is now going to charge an additional fee for something that every other park and chain has had additional charges for years now. Six Flags, Cedar Fair, Busch, Herchend, and Universal ALL charge for theirs. None of them offer it for free. I'm not sure why we would expect the most popular and crowded parks in the world to be any different.
I'm all about hating on their penny pinching, cutting services to squeeze every cent out of the guest trends as well. But this may be the one exception that really might not be that. We're going to really have to wait and see. And if it screws up the lines as bad as they have been, I'll be the first one up to say how bad it is. But I'm also going to wait and see if it might be an improvement over what it used to be.