I believe this will give us something closer to oracle where if one transaction is updating other transactions can still read the old data. Is this correct?

Yes, this is correct.

Well worth reading the links in gbn's answer and I believe the same applies to Oracle's default MVCC as to SQL Server in Snapshot Isolation mode. I would add that if you understand the potential pitfalls, IMO the benefits far outweigh the added difficulties (speaking from an Oracle perspective) - and of course some locking problems legitimately go away, that is the point of MVCC (there is also a class of locking problems that will not go away due to code issues, but I am assuming you understand this).

I believe this will give us something closer to oracle where if one transaction is updating other transactions can still read the old data. Is this correct?

Yes, this is correct.

Well worth reading the links in gbn's answer and I believe the same applies to Oracle's default MVCC as to SQL Server in Snapshot Isolation mode. I would add that if you understand the potential pitfalls, IMO the benefits far outweigh the added difficulties (speaking from an Oracle perspective) - and of course some locking problems legitimately go away, that is the point of MVCC (there is also a class of locking problems that will not go away due to code issues, but I am assuming you understand this).