Rainbow cards?

I was talking with someone tonight about the hobby and they kept referring to something called a rainbow. As far as I could figure out, it's a collection of the same player card but just all the different variations? Is this correct? Thanks!
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<< <i>The 2014 Bowman Baseball base set holds fast with a 220-card checklist that includes both rookies who debuted late in 2013 and key veterans. State and Home Town versions return, using a flag on the card to show where they're from. The number of base Bowman colors parallels explode with nine different parallels: Blue (#/500), Orange (#/250), Green (#/150), Yellow (#/99), Silver (#/75), Gold (#/50), Black (#/25), Purple (#/10), and Red (1/1). If that wasn't enough, there are Printing Plates as well.
Bowman Chrome Autographed Rookie Cards are hobby exclusives. These inserts have eight levels of numbered Refractor parallels. Print runs range from 500 down to 1/1 Superfractors.
The 110 base Bowman Prospect cards aren't so daunting on the parallel front. The have Blue (#/500), Orange (#/250), Red (1/1) and Printing Plate versions to go with the regular cards.
Always one of the main draws of the product, Bowman Chrome Prospects showcase baseball's rising stars. The Refractor rainbow returns, challenging player collectors and prospectors. Parallels include basic Refractors (#/500), Blue Refractors (#/250), Black Refractors (#/99), Green Refractors (#/75), Gold Refractors (#/50), Orange Refractors (#/25), Red Refractors (#/5), Printing Plates and Superfractors (1/1).
2014 Bowman Baseball hobby boxes guarantee one autograph. The majority are Bowman Chrome Prospect Autographs, which are seen as the top cards for debuting signers -- even more so than most official rookie cards. They have the same basic Refractor structure as regular Bowman Chrome Prospect cards save for a couple of changes. Autographed Blue Refractors are numbered to 150. Collectors can also find Purple Prospect Autographs. Numbered to 10, they are exclusive to jumbo boxes.
In case all these parallels weren't enough, base and Prospect cards also have Silver Ice parallels that fall one per hobby box and two per jumbo box. Besides basic versions, there are also Red Ice (#/25), Autographed Red Ice (#/25), Purple Ice (#/10) and White Ice (1/1) versions.
But wait, there's more! Hobby boxes have randomly inserted Blue Wave Refractor and Black Wave Refractor Hot Packs. The special Blue Wave packs also have random Red Wave Chrome Refractors (#/25) and Blue Wave Chrome Refractor Prospect Autographs(#/50). Black Wave hot packs also have Silver Wave Chrome Refractors (#/25) and Black Wave Chrome Prospect Autographs (#/50).
Read more: http://www.cardboardconnection.com/2014-bowman-baseball-cards#ixzz3AQxo6Y00
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Nick
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2013 Topps Adam Jones Rainbow