What is the big difference between this and the blue/red/yellow/green/diamond/black/white/insertanothercolorhere
A new type of pokemon and new pokemon made by the developers of this fan version. It works on PC and comes with features that you normally wouldn't get by emulating the old games (such as trading, here available through online connections).
Looking at the trailer, the UI isn't that good and the animations are pretty much nonexistent, so I'm not terribly convinced.
There's another fanmade pokemon project being worked on. Pokemon Zeta and Omicron. I might recommend these ones instead, they come with more features (such as having your own gym) and seem more polished. Better yet, they can be modded. People have used this to further tweak the UI and replace pokemon sprites with new ones. It's possible to choose between 2D sprites or gifs of 3D sprites.
But fans of the game can still benefit from having all those different version available, to try them out.
What is the big difference between this and the blue/red/yellow/green/diamond/black/white/insertanothercolorhere
Depends on the game. Every game usually comes in two flavors, which usually has a few different Pokemon. Black n white. Omega ruby and sapphire red, heartgold n soulsilver etc
Each set usually has a different story, some different setting.
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