At D23Expo in 2011, it was both. He started out as the freeform talking Mickey, but shortly thereafter was changed to the soundboard Mickey. Unfortunately the differences are quite obvious. In freeform he would readily ask someone where they live for example and actually respond directly to what they were saying. In soundboard mode, he just has pre-recorded phrases to choose from (and I say all this lightly), just like Roz, Mr. Potato Head, Mater and Lightning. At the Expo, Soundboard was very disingenuous and the conversations were very awkward and wouldn't flow properly. They've made significant progress on this front, however.
That said, the video that Disney Parks released certainly shows him in his best light. Would be interesting to see real world videos.