maintaining the same gear inches or ratio, but using different sized chainrings isnt a wash. the more torque you generate with the smaller chainring definately has an effect. thats like saying going from 165mm cranks to 175mm cranks is a wash, anyone who has done this will tell you that the 175's make accelerating seem easier. while the ratio is conserved, the torque is affected. the more torque you have the easier it will feel when accelerating from a standstill. on the smaller chainring bike it will feel easier to get up to speed, and will be easier to decelerate.