Well, yes, in size, but in performance, no sir. I know about ours, not everything about cincy's but they're similar.
OSU's car uses a 600cc F4i Honda engine, and has to draw all it's air in through a 20mm restrictor. We make around 100hp with that motor, and it weighs less than 400lbs. Suspension design is basically as it would be in an F1 car, with mostly titanium compenents, all fully adjustable. 0-60 is between 3 and 4 seconds generally, although our car could be on the low end of that scale this year. It's basically just really fast, and horizontal G's are enough to put deep bruises in my thighs after a few minutes of driving....
Anyway, it's a little more than a "glorified go-kart".
Check this out, not so much racing, but putting old worn tires out of their misery.....
I'm sure Juiced has some similar info about cincy's car - I know they finished WAAAY ahead of us last year!