That's certainly what it looks like, going by these screenshots. Weighing in at a hefty but manageable 1.81GB, the private beta has provided a number of users a glimpse of the game well ahead of its March 2012 release.
According to the NeoGAF thread where the images were uploaded, the beta is missing textures and sound effects and is by no means the full experience as BioWare intended it. A poster with access to the download mentions there's a difficulty level "below casual for people who really don't like the combat" and "a mode that selects dialog automatically for people who don't like the talking bits." I'm hoping these are simply jokes, but something tells me they might not be.
Let us know if you're able to download it. Currently, it appears it's only showing up for US users that are a part of the Xbox Live Preview Program.
More shots can be found below, and at the NeoGAF link.