Yep yep, you read correctly! Look it up ^_^ I trust Serebii to be an accurate Pokemon information site.
It's planned for release around October of this year. Pokemon X version and Pokemon Y version are what's it's being called (Think they've run out of names yet?)
For what I've seen of the starters so far, the fire type is my favorite.
The grass type is Chespin (I'm unsure whether or not this is the Japanese name or official English name). It looks like a chipmunk / squirrel thing wearing a hood with leaves growing on it. It's pretty cute in my opinion, but looks like it might be one of those cutesy Pokemon that aren't very strong.
The fire type is called Fennekin. It looks like a little fennec fox and, yes, is my favorite at the moment. Possibly stays only a fire type throughout the evolution line? There is not much else to say, since I don't know anything else yet.
The water type is a little frog looking thing called Froakie. It has really big eyes, and bubble mane thing, and some more bubbles (I guess) on it's nose that to me looks like a little mustache. It looks like another water starter that will grow up to be a water / ground type, but this is speculation on my part.
The legendaries, if those are the legendaries, look like a blue deer with rainbow antlers and a red kite monster. The pictures aren't very clear.
You can be sure that even if I don't happen to like how this generation looks before release, they'll still be getting my money this year.