Yes you control the color and the effects through the remote. The quality of the product is very decent. If you search ebay there are tons of different models with even more remote options. Just make sure it comes with a power supply so it works right out of the box..
Edit: the one you're looking at looks nice. BTW, the one I got is water resistant. Unless you are using it outdoors, you don't need that option. One other thing, even if you get the water resistant model, the power supply and controller aren't meant to be used outdoors, or in wet environments
Can you cut the strip to a certain length, or are you stuck with the 5m?