Yeah pretty much. Mega evolution stats are pretty much Legendary tier.
But I felt that with the loss of a held item and the limit to one per team kept it balanced.
Im probably not parttaking in VGC's this year due to time constraints, but if I was I wouldnt be too mad about the mega evo's and hidden abilities ban. But it does feel a little annoying. We wouldnt be allowed to use anything brought from outside the KalosDex, and the new hidden ablilities and mega evo's are mostly what Gen 6 brought to the Metagame table. So stripping new mechanics essentially makes it last year's VGC's but with a few pokemon missing and a few pokemon added.
As for not wanting to deal with new things, there is a lot of time between now and the 2014 VGC's. That is enough leeway to do suspect testing (The VGC tier in Pokemon Showdown exists for a reason) to get a better feel of what is OP and what is not.
tl;dr:
I feel it's lazy and foolish to just ban everything new, and that is how real OP things fall through the cracks and end up sweeping the tournaments.