No, the Fall Line Studios-developed game won't feature Mickey, Donald or other familiar characters (unlike some other Disney-fied rhythm games) but it will feature a "deep song list, dynamic venues, and customizable characters" according to the press release. The Wii version will let players use the Wii remote and Nunchuk to play drums, guitars and "front man" while the DS version will also let players "create their own original songs ... and apply creative mixing effects." The portable version will also include support for Disney's DGamer online social network. Look for both versions by the holidays.
Also see: THQ's Band Mashups for the Wii