Lost Planet: Colonies isn't a sequel or a new game, but a Director's Cut edition of Lost Planet: Extreme Condition and everything that goes with that. There have been no major changes to the overall gameplay. If you played Lost Planet and didn't enjoy it or simply don't feel like ever replaying it again, Lost Planet: Colonies isn't going to appeal to you. Everything from the controls to the graphics to the plotline is functionally untouched.
Colonies is a game for those that either loved Lost Planet or those unfortunate few who've never gotten a chance to take a Vital Suit up against an Akrid. Capcom is really going all out to ensure that Lost Planet: Colonies is a worthwhile re-release in every regard.