No it is not!
But unfortunately this is the impression that a lot of people have. I understand where this impression is coming from, so let me explain. Many people have seen Vista demos. Unfortunately many of the demos focus completely on the new 3D user interface (Also known as Glass, or Aero). And often even when the demos show other features, all that is reported on in blogs and articles is the new 3D interface. But Vista is a lot more than just a new interface. In fact, a lot of existing video hardware will not even support the new 3D interface. Yet these machines will still benefit from upgrading to Vista.
So what does Vista offer then? Well you need to take a look to see what interests you. Some of my favorite features are the External Memory Devices, Hybrid Hard Drives, RSS Everywhere, Family safety settings, User account control, USB device control, Windows shared view, and presentation settings. But these are just a few, there are dozens of new features in Vista.