Yes, the products are from a functional standpoint very similar but there are some key differences in the end user experience & the IT administration workloads that people need to know.
Get the break down of the differences in this video from Jeremy Chapman and Tal Krzypow in The Garage video series.
365 Days Later – Office 365 vs. Office 2013 on the Desktop Review
Read more here:
http://blogs.office.com/b/office365tech/archive/2013/09/18/the-garage-series-365-days-later-office-365-vs-office-2013-on-the-desktop-review.aspx
Kurt Shintaku's Blog 