No it isn't.
Some of the 3D and simulator gimmicks are the same but the rides are different.
Here's a comparison from Inside the Magic...
Once aboard the ride vehicle, comparisons are immediately made by anyone who has ever ridden the incredibly popular and groundbreaking The Amazing Adventures of Spider-Man ride at Universal Orlandos Islands of Adventure theme park in Orlando, Florida. Transformers: The Ride 3D is based on the same concept of a flight simulator on a track ride system that moves from giant projection screen to giant projection screen, immersing guests in large 3D-projected environments, with each screen seamlessly blended with real set pieces. But thats where the comparisons end.
Where most of the action of the Spider-Man attraction takes place in front of guests, the giant wrap-around screens of Transformers: The Ride 3D truly draw guests into the on-screen action, with high-resolution 3D images completely taking over the field of vision. Anyone impressed by the Spider-Man ride will be utterly blown away by Transformers: The Ride 3D, as scene after scene of non-stop action places guests at the heels of 40-foot-tall Transfomers battling just feet away. The rides introduction of Optimus Prime as he rides toward guests as a truck, transforms, slides to a stop, and stands up into full head-to-toe view, requiring guests to literally tilt their heads way up to see his face is a truly iconic moment.
In addition to Optimus Prime, familiar characters featured throughout the ride include Megatron, Starscream, Ravage, Bumblebee, Sideswipe, Devastator, and many more. And Evac acts as a narrator of sorts, not only escorting guests on the adventure to protect the All-Spark but also verbally identifying Transformers by name as they appear, helping everyone understand who the giant metal robots are and whose side theyre on.
Not only is the use of 3D impressive in its size and ability to draw guests into the screen, but select moments reach outward as well, with characters landing on Evacs hood, reaching out toward guests faces, and even firing a warhead that results in a scream-inducing explosion producing real heat.
Transformers: The Ride 3D may at its simplest description be nothing more than a giant simulator attraction, but the on-screen 3D imagery is so incredibly crisp, clear, and realistic, not to mention enormous, that the rides relative lack of practical, physical props is not ever noticed while riding. Instead, Universal Studios Hollywood has opened a stellar attraction that now features the most impressive use of 3D in any theme park environment around, even topping the fan favorite Spider-Man ride that it draws its inspiration from.
Here's a pretty good video...
http://www.youtube.com/watch?v=MI-DVB_ZSo8