Pretty much... is there actual gameplay in Deluxe? The creation part of the original was extremely entertaining, but the challenges themselves were... not.
The quests are pretty much, if not entirely, the same as they were in the original. Dungeons are orthogonal to wandering around and completing quests; you start out in an area, find the dungeon entrance, and go in, and your clock disappears and now you're in dungeon mode—clearing a dungeon or being defeated will end your session with that Formee.
The dungeons are light platforming affairs navigated essentially the same way you navigated the quest areas (though I did notice flight power has been severely curtailed), but your goal instead of "wander and talk to people" is to clear each room and defeat the other Formees that will drop out of the ceiling, chase you, etc. Battles are completely automatic affairs unless I'm missing something, and each defeat nets you cash and a stat upgrade.
Eating food restores HP. There are prize machines you can buy random items from for 1,000 coins a shot, like random (usually really good) upgrades or a full-HP snack. Other elements include hidden walls, colored gems to unlock colored doors, and breakable walls that drop food and upgrades.
What you get from all this is special powers that you can equip on a Formee either at creation time or in the menus (you
can't switch them in dungeons); he'll use it in future battles. Seems to be a lot of them; I've seen a handful thus far.