It takes the same core gameplay but gives it a much zanier spin. Besides the obvious difference of a wacky re-skin, there are a few other new gameplay tweaks:
-All basic balls weigh 1 unit. -You can match on diagonals. -Skulls! (useless debris you'll need to blow up or match up with other skulls).
Both are great as I still think Steamballs variable weights aspect is a neat mechanic that is lost in this incarnation.