This seems like more a preparation for an armed conflict against Iran rather than ISIS. Thoughts?
Exactly my thoughts. It's more like they're gearing up to go after Iran rather than the 'terrorist' groups everyone's talking about. The exercise pamphlet clearly mentions 'stability' in the region, and almost all of the countries participating share he same view that a Shai country like Iran is an enemy they need to destroy.
On a side note, if the countries were indeed looking to fight ISIS, they would've conducted operations like these a long time ago, simply because they're closer to the terrorist groups than anyone, and should have the most to gain by eliminating the outfit once and for all.