This is not the first Home Bay from the original game, but is instead the new home for Ecco's pod. There are no hazards for dolphins and there is a plentiful supply of fish in the area to feed the pod. It appears it may be in a tropical setting as there are palm trees on the islands in the distance. There is a ship wreck on the ocean floor in the area.
While exploring the area, Ecco will encounter a mysterious dolphin that will mirror his every move and block the path until sung to. The dolphin tells him that the Atlanteans created Teleport Rings for him to use to travel great distances in a short period of time. The dolphin then swims off, and Ecco proceeds to travel through the first of a series of Teleport Rings that takes him to Crystal Springs.
Home Bay: part 2
Towards the end of the game, Ecco returns to homebay. This time the purpose is to once again travel through the warp rings, only this time to travel to Atlantis.