YES YES YES YES!!! I started watching it as soon as we switched to AT&T U-verse
MTV Hits is a bit different in the US, though (compares to the description in the OP). Here it's mostly videos from now with a few sprinkled in from the 2000s and sometimes '90s. Most of the blocks are thematic playlists (like Fierce Females [all female artists], Guy Candy [all males], Latest & Greatest, New Faces [or something like that], etc.) Sometimes they add in special thematic playlists, like Artist Collections. I once even saw an our of the nominees for the O Music Award for Best Fans or something like it, so I'm looking forward to seeing what they do as the VMAs approach!!
Personally, I really like it; it reminds me a bit of the MTV (Latin America) I used to have back in 2000, but without the other shows, most of which I didn't use anyway...