Yes Tom that's the one, the only difference is that the one being discussed will bear the crowned head of The Queen.
There are very few oval medals in the British Honours ands Awards system, the only others being the Air Force medal and various versions of the Territorial Efficiency Medal and its successors and the RAF equivalent, the Air Efficiency Award. Originally the stripes on the ribbon were horizontal, but this was altered not long after the medal came into being in 1918 (same for the DFC).
Interestly, the army stopped awarding the equivalent Military Cross and Military Medal for service in Northern Ireland quite early in the 1970s, and subsequently actions which would previously merited these awards were recognised with the Queen's Gallantry Medal. The reason was political, and was probably to downplay "the troubles" and not recognise them as a war as such, although to those out there the difference would probably have been hard to discern at times!