No, it isn't anywhere close to reclaiming the CART oval magic. Having side by side racing all race is not magic. It's smoke and mirrors. The IRL cannot reclaim Indy 89 or Indy 92 (though it tried with 2006), or Michigan in 92, 94, 99 or 2000. It cannot reclaim California 97, or Gil's blistering qualy lap in 2000, or the race.
It is a long, long, LONG way from that.