Yes, 3rd is 1:1. 700R4s are .7:1, pretty negligible between the two. 2nd gear is fairly similar between them, but 1st gear is 11.7% deeper in the 700R4. If you ran a 2004R you would have a 43% 1-2 rpm drop, the 700R4 would have a 47% drop. Not a huge difference, but a difference nonetheless.