Actually, I'm pretty sure the series is different, even if the characters resemble the ones from the EXE series. Notice how the crazy mowhawk kid actually seems to be Mega Man in the battle screens? That goes along with the plot details I've heard of the kid fusing with some alien armour or something like that.
Personally, though, I want traditional Mega Man games, preferably with the original Mega Man, but I'll take ZX if that's all I can get.