Magic Foundations is indeed, as its name implies, for all intents and purposes a Core Set analogue. The main new idea is to keep it legal in Standard for a long period of time—until 2029—reprinting it every year. In this sense, it has been called an "evergreen" Core Set.
As for its contents, the complexity of the 133 new cards and 136 reprints that compose the set is on the lower range. This creates a welcoming experience for newcomers, both for Standard and Limited play, but with enough keywords and recalls to Magic's past and locales to fully represent the game to someone who's stepping into it for the first time. Magic Foundations is sold in Play Boosters, Collector Boosters, and various bundles. It's accompanied by a connected Jumpstart product but no Commander decks.
Includes 6 Foundations Boosters packs, a prerelease stamped promo card, spindown counter and a storage box.