Yes, it is.
I flipped thru it at my FLGS.
Take your worst fears about what WotC might do with a Rarity system and......its worse.
The PHB standard Holy Avenger is the example of a "Rare" item.
Bag of Holding is "Uncommon."
Magic item distribution defaults to RANDOM. 1-19 Odd is common, Even Uncommon, 20=Rare.
"Do NOT use Wish Lists for Rare items. They are the sole purview of the DM"
Frankly, its the worst item system I've seen since 1e. A complete and utter failure.
*Wail of Sirens* Oh no! Its the WoTC Rare Police at my door! They have found out I am using wish lists for rares for the 3rd time! I'm not going to get off with a warning this time!!