Creator of MagicBand Collectors (which is owned by EA Partners, LLC), it is my goal to catalog and archive the entire history of the Disney MagicBand. I don't work for Disney nor am I associated with them in any way, besides being a mega-fan and living 5 minutes from Walt Disney World. You can contact me at email@example.com.
I can confirm this band only lights up red and green and park entrances for Epcot, Magic Kingdom, and Animal Kingdom. It did not do anything special at Hollywood Studios or any Fastpass locations. I did make it to terminals where sounds were turned on, but only the standard chimes happened.
Not sure if it is just to soon to release or that’s all Disney plans to do. I think it’s safe to say this is the first limited release without the “bells and whistles”