No, they're not the same. Same hybridizer, but the new Watercolors Home Run has a much more complicated parentage formula. Watercolors is a single rose, and Watercolors Home Run has more petals and it blooms in bigger clusters.
I have the old Watercolors and it has been something of a disappointment. It doesn't bloom that much, and as you said, Cindi, it suffers greatly from black spot.