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no. it's API's own stupid proprietary standard for the way modular pro audio gear should work. this standard implements additional shielding for the modules to protect against noise, higher voltages for the units to run on and balanced I/O. but that's about all. just a rack box turned sideways, and mildly cheaper for 3rd party startups to manufacture because you won't need to engineer a power supply/enclosure for it.
I've seen it and it does indeed look groovy, but unfortunately it doesn't look like a "real" return to Moog modulars (yet.. )
However, as far as "modular systems" go I've already picked my choice and I'm not changing from Roger Arrick's excellent product. He sells a fantastic-soundingQ150 module that's a clone of the original Moog transistor ladder filter.
The 500 format has gained so much popularity in the past few years, and so many manufacturers produce 500-format modules, that even mainstream music stores like Sweetwater now carry them, but they are mainly for compressors, pre-amps, effects etc - not for "modular synths" (that's the "Euro" format which is similarly-sized)
I wouldn't mind getting a rack mounted 500 box and get those Neve 1073LB 500 format preamps, though!!