Yes, you are right.
It is a fairly big update though. It is fanless. Graphics are quite a bit better than 6th generation. They can be configured from 3.5 - 7 watt and I believe Eve is planning to allow us to configure it as we wish.
Here are links to each of them
The m3 is also 7th generation. I have no idea why they decided the others deserved the name change to i5 or i7 and the first one didn't. Surprised actually since if you read the specs the m3 and i5 have the same price, same graphics and both can be configured to a base frequency from 600 mhz to 1.6 ghz.