Yes, it appears so. The will be paying anywhere between 6.69% and 7.49% depending what the fixed rate portion of the bond is pegged at. The interest rate portion added onto the fixed rate will be 5.69%.
I-Bonds have to be held a minimum of 1 year (actually less...you can buy them at the end of the month and still get the entire month's interest for them) - there is a 3 month interest penalty if you sell them before 5 years, but even with the penalty, you'll still come out ahead of the current savings rates (even Emigrant at 4%) that banks are offering.
You can get more information on them at <a href="http://www.treasurydirect.gov/indiv/products/ibonds_glance.htm">treasurydirect.gov</a>
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<a href="http://www.i-bondrate.com">I-Bond Rate</a>