Yeah, that looks pretty exciting. It could be a coaster too. The "car" in the picture looks like it has a lot of people in it, so it could be a coaster train...I don't know. In any case, it's a shame it wasn't built, since it seems like something totallly different from the other Disney parks.
I answered this on anotherplace, but here's what I had to say ...
Without actually seeing the art, it's kind of hard to say for sure.
I can tell you that the original plans for Adventureland included a dino mini-area that was to feature an indoor-outdoor coaster (it was described to me as CTX meets RnRC) thru a primeval forest featuring onboard sound as well as a replica of DAK's Boneyard kiddie play area.
My guess would be that the rendering you have is of the coaster-concept.
The rendering has created quite the discussion on anotherdisneyplace ... and reminded many of us, myself included, how wonderful HKDL really was supposed to be and how much was hacked off between 1999-2005.