FFV was originally released for the Super Famicom back in 1992 in Japan. It had two unique features, Job and Ability systems. The Ability system is used in FF VII and the Job Change system was used in Final Fantasy Tactics. This 32-bit reincarnation is the same as its 16-bit counterpart except for brand-new cinematics at the beginning and end of the game, just like Square did with the PlayStation post of FFIV.
Originally, Square was to release Final Fantasy V, which has no relation to any other game in the FF series, as Final Fantasy Extreme for the Super NES, but unfortunately never got around to it.
Also, it seems doubtful this PlayStation rerelease of Final Fantasy V will make it to US shores.