Looks like a regular Sentry sporting one of the Street Fighter character's faces and Ult. Sabretooth's hair to me.
As far as the true variant versus simple rerelease (a la Hulk) debate, I'd put it with the latter as well. Though the process of making the figure has changed, it's still intended to be the same figure. Slight tint variations and the use of different parts to achieve the same results don't constitute a second figure to me. Darktide had new faces, as did the UA2 Captain America rerelease. UA2 Iron Man had new details on his legs. Target Professor X had a new color scheme. These are true variations that deserve a separate slot on my display case. But red versus slightly more red isn't noticeable enough for me to kill myself hunting it down.
+1...couldn't have said it better myself.